Listed power distributor Meralco inked a short-term emergency supply deal with the Aboitiz Group to secure 370 megawatts of electricity for the service area of the Philippines’ largest power distributor. | jordeenelagare /PDI
The indicated capacity under the Meralco-SPPC deal was raised to 480 MW last April 1 following failed bidding on the second round of the competitive selection process involving 180 MW of baseload requirement and negotiations with the San Miguel unit.
Meralco first vice president and head of its regulatory management office Jose Ronald Valles explained the recent ESPAs are intended to mitigate the exposure of customers to higher power rates if electricity is procured from the Wholesale Electricity Spot Market . Historically, WESM prices tended to be higher and more volatile which can translate to higher electricity rates that customers need to pay for.According to the Independent Electricity Market Operator of the Philippines which operates WESM, the spot market rate in Luzon and Visayas rose by 16.8 percent to P7.68 per kWh as of April 23.
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