ERC approves Meralco PSAs with SMGP and ACEN

The Energy Regulatory Commission (ERC) has approved Meralco's original power supply agreements with San Miguel Global Power Corp. (SMGP) and ACEN Corp.

ERC Chairperson and CEO Francis Saturnino Juan confirmed the approval, stating that the commission promulgated the decision the day before.

Under the approved agreements, Meralco will secure 340 MW of renewable energy from San Roque Hydropower, Inc. (SRHI), a subsidiary of SMGP, at P7.10 per kWh.

ACEN Corp.'s Gigasol 3, Inc. will provide 139 MW at P8.1819 per kWh.

These rates are higher than a previous ERC ruling that authorized a lower fixed rate of P5.1908 per kWh without any escalation or adjustment.

The original deals were put on hold after San Miguel filed a 'non-acceptance letter' due to the lower authorized rate.

Meralco had previously warned that the potential failure of these deals could impact the electricity supply to over eight million consumers.