January 8, 2019 | 12:05
am
THERMA Mobile, Inc.
(TMO) notified Manila Electric Co. (Meralco) that it would physically
disconnect from the utility’s system and will de-register as a trading
participant in the wholesale electricity spot market, its parent firm Aboitiz
Power Corp. said on Monday.
In a disclosure to the
stock exchange, the listed firm said the de-registration would take effect on
Feb. 5, 2019.
“This is due to TMO’s
commercial inactivity since June 26, 2018, following the absence of an approved
power supply agreement,” it said.
“After evaluating the
circumstances and the options available, TMO decided to mothball its bunker
C-fired diesel power plants,” it added.
The company said
notices would be sent to Philippine Electricity Market Corp., Independent
Electricity Market Operator of the Philippines Inc., Department of Energy, and
Energy Regulatory Commission as required by the notice requirements under
Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001
(EPIRA), its implementing rules, and other relevant rules and regulations.
TMO is a wholly owned
subsidiary of AboitizPower through Therma Power, Inc., its holding company for
its investments in thermal energy.
On May 27, 2011, TMO
acquired four barge-mounted floating power plants located at Navotas Fishport,
Manila, including their respective operating facilities.
The barge-mounted
floating power plants have a total installed capacity of 242 megawatts (MW).
The barges have undergone rehabilitation starting July 2011, and on Nov. 12,
2013, have started commercial operations at the capacity of 100 MW.
In April 2015, the
barges’ dependable capacity of 204 MW was attained and proven in a successful
capacity test.
On Monday, shares in
AboitizPower slipped 0.28% to close at P35.60 each. — Victor V. Saulon
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