A unit of San Miguel Global Power (SMGP) will supply electricity to debt-ridden Albay Electric Cooperative (ALECO), the power generation arm of San Miguel Corp. (SMC) said. Know more:
A unit of San Miguel Global Power will supply electricity to debt-ridden Albay Electric Cooperative , the power generation arm of San Miguel Corp. said.
ALECO has pending legal issues with another SMGP firm, Albay Power Energy Corp. , which includes unpaid claims and advances amounting to P5 billion, related to their terminated concession agreement. Following the termination, ALECO sought the intervention of the NEA, which took over the distribution business of ALECO in a fiduciary capacity as provided for under its charter.
Earlier, the Independent Electricity Market Operator of the Philippines , independent market operator of the Wholesale Electricity Spot Market , had raised concerns over the recent massive power purchases made by ALECO.The EPSA would enable ALECO to prevent any further credit concerns with IEMOP, which could compromise energy security in the area.
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