POWER distributor Manila Electric Co. (Meralco) is seeking to accelerate the construction of its power generation projects ahead of regulatory approval of its power supply agreement (PSA) petitions.
“We have to accelerate their completion,” Meralco President Oscar Reyes told reporters in a chance interview last week. “There a lot to accomplish with the projects that we have on hand,” he said.
Among the PSAs awaiting the approval of the Energy Regulatory Commission’s (ERC) is Meralco’s power supply deal with Redondo Peninsula Energy, Inc. (RP Energy) for the second phase of a 2 x 300-megawatt (MW) coal-fired plant in Subic Bay, Zambales.
It also has a PSA with Atimonan One Energy, Inc. (A1E), which will build a 2 x 600-MW coal-fired plant in Atimonan in Quezon. The first unit is targeted to be finished by late 2021, while the second unit is set for completion mid-2022.
Another PSA is with San Buenaventura Power Ltd. Co., which is building a 455-MW coal-fired plant in the municipality of Mauban in Quezon together with Thailand’s Electricity Generating Public Co. Ltd. The project is set to be completed by mid-2019.
Another PSA is with St. Raphael Power Generation Corp., where development work continues on a 2 x 350-MW coal-fired project in Calaca, Batangas.
Meralco’s PSA with Panay Energy Development Corp. was granted provisional authority by the ERC last year.
“Hopefully when the ERC acts on Atimonan and RP, these are very big projects that have been already delayed,” Reyes added.
Earlier this month, ERC Commissioner Josefina Patricia Magpale-Asirit told reporters the regulator hopes to issue its final resolution on Meralco’s seven PSAs within the year.
Meralco last week reported a consolidated core net income of P15.4 billion for the first nine months of the year, up 3 percent from a year ago.
Shares of Meralco closed up P4.60 at P290 on Friday.
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