Business World Online
Posted on July 03, 2012 10:14:29 PM
THE ENERGY Regulatory Commission (ERC) has approved a power supply agreement between San Miguel Energy Corp. and a Pangasinan electric cooperative.
San Miguel Energy will provide 1,000 megawatts (MW) of electricity to Pangasinan Electric Cooperative, Inc. III (Panelco III) for a period of two years.
The ERC approved a rate of P2.3025 per kilowatt-hour (kWh) to P6.4823/kWh depending on the time of use.
The power will be sourced from the 1,200-MW Sual coal-fired power plant in Pangasinan.
San Miguel won the independent power producer administrator contract for the Sual power plant in 2009 with a bid of $1.072 billion.
“The energy supply contract provides for a cost adjustment mechanism that shall determine a reasonable level of adjustment to be implemented prospectively by San Miguel Energy on a monthly basis…” the order dated June 28 stated.
Panelco III and San Miguel Energy have an existing energy supply contract for the period of Dec. 26, 2009 to Dec. 25, 2010. When this expired, Panelco III conducted a selection process to select a power supplier “at the lowest electricity rates.”
Only San Miguel Energy and Aboitiz Power Corp. responded. Panelco III then chose San Miguel Energy as its power provider.
San Miguel is considered the biggest trader of electricity in the country. It also holds the power producer administrator rights for the 345-MW San Roque hydroelectricity power plant and the 1,200-MW Ilijan natural gas-fired power plant. -- ENJD source
The ERC approved a rate of P2.3025 per kilowatt-hour (kWh) to P6.4823/kWh depending on the time of use.
The power will be sourced from the 1,200-MW Sual coal-fired power plant in Pangasinan.
San Miguel won the independent power producer administrator contract for the Sual power plant in 2009 with a bid of $1.072 billion.
“The energy supply contract provides for a cost adjustment mechanism that shall determine a reasonable level of adjustment to be implemented prospectively by San Miguel Energy on a monthly basis…” the order dated June 28 stated.
Panelco III and San Miguel Energy have an existing energy supply contract for the period of Dec. 26, 2009 to Dec. 25, 2010. When this expired, Panelco III conducted a selection process to select a power supplier “at the lowest electricity rates.”
Only San Miguel Energy and Aboitiz Power Corp. responded. Panelco III then chose San Miguel Energy as its power provider.
San Miguel is considered the biggest trader of electricity in the country. It also holds the power producer administrator rights for the 345-MW San Roque hydroelectricity power plant and the 1,200-MW Ilijan natural gas-fired power plant. -- ENJD source
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