MANILA - Meralco on Thursday said it signed an emergency power supply agreement (EPSA) with GNPower Dinginin Ltd partially replacing supply from South Premiere Power Corporation (SPPC).
Meralco will source 300-MW from GN Power starting Dec. 15 until Jan. 25, 2023, the utility distributor said in a statement.
"The EPSA, which has a rate of P5.96 per kWh, will lessen Meralco’s exposure to the Wholesale Electricity Spot Market (WESM) and in turn partly shield its customers from volatile and potentially higher generation costs," it said.
This was after San Miguel Corp's SPPC suspended the supply subject to the Temporary Restraining Order (TRO) issued by the Court of Appeals.
Sourcing from the WESM has a higher rate than getting supply from SPPC, the ERC earlier said.
The Energy Regulatory Commission earlier denied Meralco and SPPC's request for a rate hike. The regulator insisted on the enforcement of the 2 firms' power supply agreement (PSA) which was put in place to protect consumers from unscheduled rate hikes.
"Meralco exhausts all measures to continue supplying its customers with sufficient and reliable power, while mitigating the impact of the TRO to its customers," it said.
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