by Maricel Burgonio January 20, 2016 (updated)
http://www.mb.com.ph/vivant-subsidiary-meralco-sign-power-supply-deal/
1590 Energy Corp., a subsidiary of Vivant Corporation, has agreed to supply power to Manila Electric Company (Meralco) for one year, to support the distribution company’s capacity requirement during the summer months and from forced shutdowns from contracted generating plants.
In a disclosure to the Philippine Stock Exchange (PSE), 1590 Energy Corp. signed a 1-year Power Supply Agreement (PSA) with Meralco for the supply of 170 megawatt firm contract capacity for five months, and a succeeding 7-month supply of 170MW non-firm contract capacity.
The supply will commence on February 26, 2016.
1590 Energy Corp. operates and manages the energy output of the 225 MW (nameplate capacity) Bauang bunker oil-fired diesel engine power plant located at Bauang, La Union.
The IPSA is subject for Energy Regulatory Commission (ERC) approval, and set to expire on February 25, 2017, unless terminated earlier or extended.
“The IPSA was entered into to address the Company’s capacity requirement arising during the summer months and from scheduled maintenance shutdowns or forced plant outages from its contracted generating plants to mitigate its exposure to the Wholesale Electricity Spot Market (WESM),” the Meralco said in a separate disclosure.
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