San Miguel Corporation's power unit SMC Global Power Holdings Inc. has terminated its 1,800-megawatt power supply deals with the Manila Electric Company for 2024 and 2025.
In a statement, Energy Regulatory Commission chairperson Monalisa Dimalanta said the power industry regulator was informed by Meralco that the company “received from SMC Excellent Energy [Resources] and Masinloc Power Partners the Notices of Termination of the Power Supply Agreements for 1,200MW and 600MW, respectively.”
“According to Meralco, they will jointly file with Excellent Energy and Masinloc Power Partners the appropriate pleadings with ERC by Monday for the withdrawal of the PSAs,” Dimalanta said. In 2021, Excellent Energy and Masinloc Power both bagged 20-year contracts for the supply of 1,200MW and 600MW, which would take effect by 2024 and 2025, respectively.“We confirm receipt of notices from San Miguel Global Power and are currently studying our available options, including the possibility of requesting DOE to conduct another round of CSP for the 1,800-MW requirement of Meralco,” the power distributor said in a separate statement.
“[The] ERC will then review and act on such motions, when filed, after determination of compliance with law and legal processes. We note that no supply is currently being served yet to Meralco from these PSAs,” she said.—LDF, GMA Integrated News
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
San Miguel nets P43.2 billion in 2022San Miguel's consolidated revenues reach P1.5 trillion in 2022, a 60% increase from the previous year's P941 billion.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Manuel, Tautuaa step up as San Miguel trounces import-less Rain or ShineVic Manuel and Mo Tautuaa impose their will over a Rain or Shine side that remains without an import as San Miguel claims another win despite missing June Mar Fajardo.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
‘Iba ang Ngiti Ngayon’ as Ginebra San Miguel unveils new campaign | BMPlusAfter three challenging years, life now has a sense of normalcy as business, economic, and social activities return to the pre-pandemic time. In the air, we can all feel optimism as the worldwide pandemic is seemingly winding down. With things looking up, it is time to be more hopeful in…
Source: BusinessMirror - 🏆 19. / 59 Read more »
[OPINION] Time for San Miguel president Ramon Ang to speak up on Mindoro oil spill, show ‘malasakit’The Philippines’ 9th richest person has yet to confirm or deny a Rappler report that one of the conglomerate’s subsidiaries chartered MT Princess Empress. Read more in this Opinion piece. ThoughtLeaders Someone should organize a boycott of San Miguel products until they clean up their mess. If that boycott succeeds, it will be a turning point for Philippine society.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
SC upholds DOTr order on fines against ‘colorum’ PUV operators, erring drivers | Joel R. San JuanTHE Supreme Court (SC) has declared constitutional the orders issued by Department of Transportation (DOTr) and the Land Transportation Office (LTO) imposing higher fines against operators of “colorum” vehicles and erring drivers. In a 69-page decision penned by Associate Justice Jhosep Lopez, the Court en banc held that the imposition…
Source: BusinessMirror - 🏆 19. / 59 Read more »
PHL to ICC: Take back green light for probe | Joel R. San JuanTHE Philippine government has asked the International Criminal Court-Appeals Chamber to abandon the January 26 decision of the Pre-Trial Chambers (PTC) authorizing the resumption of the investigation on the abuses and deaths related to the anti-illegal drug of the Duterte administration. In an appeals brief submitted last March 13, the Office of the…
Source: BusinessMirror - 🏆 19. / 59 Read more »