Manila Standard Today
By Alena Mae S. Flores | Jul. 14, 2014 at 12:01am
The Energy Department asked power generators to supply power to debt-ridden Albay Electric Cooperative, now controlled by San Miguel Energy Corp., to help bring down electricity cost in the province.
Energy Secretary Carlos Jericho Petilla told reporters Aleco bought around 50 percent of its power requirements from the Wholesale Electricity Spot Market, the country’s trading floor of electricity, thus exposing Albay consumers to price volatilities.
“[Electricity] prices went up last summer and everyone was complaining,” Petilla said.
He said prior to the takeover of Aleco by San Miguel, the electric cooperative purchased 100 percent of its power requirements from the company.
Aleco is San Miguel’s initial foray into the power distribution sector, although the company became one of the largest independent power generation companies in just four years with an installed capacity of 2,545 megawatts to date.
San Miguel’s existing portfolio includes the capacities of the Sual coal plant, San Roque hydropower plant and the Ilijan natural gas power facility. source
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