Manila Times.net
Published : Tuesday, September 27, 2011 00:00 Written by : EUAN PAULO C. AÑONUEVO
THE electricity distributors of Ilocos Norte and Sorsogon have selected San Miguel Corp. (SMC) as their power supplier.
In separate regulatory filings, the Ilocos Norte Electric Cooperative Inc. and Sorsogon II Electric Cooperative Inc. said SMC, through unit San Miguel Energy Corp., topped the bidding for their respective power supply requirements.
“Upon evaluation of the offers of various interested suppliers, SMEC’s proposal was considered the most favorable to INEC and its consumer members,” the cooperative said.
Based on their energy supply contract, SMEC shall supply INEC’s power requirements up to the end of the year at P4.60 per kilowatt-hour, which is P0.01 lower than state-owned National Power Corp.’s rates.
Soreco II initially selected IN2Power Inc. as supplier but the latter could not commit to do so after the El Niño weather phenomenon affected its operations.
“With these developments, after the determination of Soreco II that the offer of SMEC was advantageous to its consumers, the contract was eventually awarded to the latter,” the distributor said. Under the supply contract between Soreco II and SMEC, the latter shall supply the distributor’s power requirements up to 2012 at a rate of P5.19 per kilowatt-hour, or P0.92 higher than Napocor’s rates.
The supply agreements with SMEC include a monthly cost adjustment mechanism to reflect movements in the company’s generation cost, particularly the prices of coal as well as foreign currency fluctuations.
Both supply deals are subject to the approval of the Energy Regulatory Commission.
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