Published May 3, 2017, 10:00 PM By Myrna M.
Velasco
The power retailing business segment
of Global Business Power Corporation (GBP) has sealed a supply deal for the
real estate ventures of the Ty group within the fiat of retail competition and
open access (RCOA) policy of the restructured electricity sector.
In a statement to the media, GBP
noted that its subsidiary Global Energy Supply Corporation (GESC) recently
inked power supply agreement with Federal Land Inc. and Cathay International
Resources Corporation.
In the supply pact, it was
stipulated that the “GESC will supply the electric power requirements of GLI’s
GT Tower International in Makati City, as well as that of Marco Polo Cebu.”
Executives involved in the signing
of the retail electricity supply deal include Federal Land Director Alvin Ty,
Global Power Executive Vice President Jaime Azurin; Global Power First Senior
Vice President Elisa Dayao and Global Power Assistant Vice President for Sales
Sherrie Anne Jimenez.
In essence, it had been the
conglomerate of billionaire George Ty that primarily built up the power
generation portfolio of Global Power, until its decision on equity sell-down
that placed key ownership unto the lap of the Pangilinan group.
According to Global Power President
Rolando T. Bacani, their partnership with Federal Land and Cathay International
“demonstrates not only our shared commitment towards service excellence and
customer satisfaction, but also our strengthened trust and confidence through
the years.”
That, he said, is complementary to
their mutual and “long-standing commitment to ensure reliable and uninterrupted
power supply to its business partners,” noting that in this foray, they have
been serving “diverse yet discerning clientele.”
Global Power is the biggest power
producer in the Visayas grid to-date, having achieved such with the series of
electricity generating projects it had undertaken over the years.
RCOA as a policy is instituted under
the Electric Power Industry Reform Act. It was envisaged to start at
1.0-megawatt threshold for contestable customers to become eligible
participants.
Relevant government agencies, such
as the Department of Energy (DOE) and Energy Regulatory Commission (ERC), set
it up for mandatory enforcement – but due to a restraining order issued by the
Supreme Court, power retailing at 1.0MW threshold is still done on voluntary
basis.
GT Tower is deemed as one of
Makati’s premiere commercial buildings; while Marco Polo Hotel is regaled for
luxury business accommodation.
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