Developers to raise P39-billion loan for Subic coal project

MANILA — The project developers of the 600-megawatt Subic coal-fired power facility are preparing for loan procurement of P39 billion to bankroll the significant portion of the facility’s implementation cost.

The 70 percent debt portion of the project cost, they said, will be raised on a project finance basis. The project sponsors will be led by Meralco PowerGen Corporation, the power generation unit of Manila Electric Company (Meralco); Therma Power Inc. of the Aboitiz group and Taiwan Cogeneration Corporation.

In a briefing with reporters, Meralco PowerGen executive vice president Aaron A. Domingo disclosed that the project financing will be raised entirely from a syndicate of local banks.

“The structuring of the peso financing and selection of mandated lead arrangers are ongoing,” he said.

Meralco’s equity portion for its more than 50 percent interest in the venture will amount to P8.0 billion to P9.0 billion. Domingo said that will be infused separately through the backing of its parent firm.

From its initial foray into the 600-megawatt coal plant, Meralco is preparing for a grander venture into the power generation sector. In fact, from the 1,500 megawatts of portfolio it has initially cast on blueprint, the company is now looking at increasing that to 1,800 to 2,400 megawatts – the development timelines, of course, will depend on electricity demand expansion.

Moving forward from the signing of a shareholders’ agreement for the Subic facility last week, Domingo disclosed that they are now working next on the engineering, procurement and construction (EPC) contract.

“We are preparing for full EPC contracting strategy with major equipment (boiler and steam turbine generator) suppliers for the bidding and selection by end of December 2011,” he said.

He added that they have already sent request for proposals (RFPs) to three EPC contractors; and also solicited tenders from original equipment manufacturers (OEM) of boilers and turbines.

Based on targets set by the project sponsors, the first unit of 300 megawatts will be on-line fourth quarter of 2014; while the next unit of the same capacity will be on stream six months after. (Myrna M. Velasco, Manila Bulletin)

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Meralco acquires 52% share of Subic coal plant

Manila Electric Co. (Meralco), the country’s largest distributor of electrical power, marked its reentry into the power-generation industry on Friday by acquiring a controlling interest in the $1.28-billion coal-fired thermal power-plant project slated for construction at Subic’s Redondo Peninsula.

The power firm, which previously sold to the National Power Corp. all the power plants it had built since it was organized in 1903, successfully forged a deal with AboitizPower and Taiwan Cogeneration Corp. (TCC), the original partners in the Redondo Peninsula Energy Inc. (RP Energy), which has the development rights to develop the 600-megawatt coal-fired power plant.

Under a shareholders’ agreement signed on Friday by the three parties, Meralco’s subsidiary Meralco PowerGen Corp. (MPGC) became the controlling shareholder of RP Energy with 50 percent plus two shares, while AboitizPower subsidiary Therma Power Inc. (TPI) and TCC subsidiary Taiwan Cogeneration International Corp. Philippines (TCIC) held an equal proportion of the remaining shares.

The agreement was signed by MPGC president Oscar Reyes, MPGC executive vice president and general manager Aaron Domingo, TPI president Antonio Moraza, TCIC director Brian Hsu, and RP Energy president Erramon Aboitiz.

Energy Secretary Jose Rene Almendras witnessed the signing at the Lighthouse Marina Resort here.

Meralco’s reentry into power generation, Reyes pointed out, came almost 40 years after Meralco relinquished its power-generation operations and 20 years after power generation was reopened to the private sector amid the crippling power crisis in the late 1980s.

But with the Aboitiz Group and Taiwan Cogeneration Co., Meralco is “making a strong statement and vote of confidence in our country and in our economy and a strong commitment to growth and progress,” Reyes said.

He added that Meralco is “well-positioned” and aims “to be part of an integrated solution” in meeting the crucial need for new technologically-advanced and cost-efficient generation capacity.

Reyes also extolled Subic both as a “major investment destination and a strategic site for business” and an important player in the energy industry by hosting the strategic 5-million barrel Subic-Clark liquid fuel-storage depot.

“With RP Energy’s 2x300 megawatt power facility, the [Subic Bay Freeport] Zone will again play a strategic role in helping meet 8 percent of the entire Luzon grid’s power needs,” he said.

The Meralco official stated that the Subic power project would need the continuing full support and goodwill of the Department of Energy, the national and the local governments, the Subic Bay Metropolitan Authority as well as local communities.

Erramon Aboitiz, meanwhile, reaffirmed RP energy’s commitment in providing competitively-priced power without damaging the environment.

He stressed that the proponents have specified the use of circulating fluidized bed boilers in the power plant. This kind of boiler removes sulfur oxide and controls the burning temperature of the coal to prevent the formation of nitrous oxides, lower air emissions, and make the plant environment-friendly, he said.

Aboitiz also cited the advantages of taking in MPGC as a partner.

“Being the country’s largest utility serving the equivalent of more than half the nation’s GDP [gross domestic product], Meralco is without a doubt the ideal conduit to deliver the cost advantage of RP Energy to as many households and businesses as possible,” he said.

The Subic coal-fired thermal power project is projected to be completed with a total budget of $1.28 billion. It will consist of two 300-megawatt units that will be constructed in two phases.

The first unit is expected to be commercially operational by the first quarter of 2015, while the second unit is expected to be completed by the second quarter of the same year. (Henry Empeño w/ Paul Anthony Isla, Business Mirror)

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$1.28B earmarked for Subic coal plant

Three energy companies signed a memorandum of agreement to put up a US$ 1.28 billion 600-megawatt (MW) coal power plant in Subic, Friday.

Meralco, Aboitiz Power and Taiwan Cogen signed the agreement to build the plant in Redondo inside Subic Bay Freeport zone.

Erramon Aboitiz said that the project aims to generate competitive priced power with least possible adverse effects on the environment.

He added that the project would become the source of competitive priced baseload power for Subic Bay Freeport and for the entire Luzon grid.

Aboitiz said the consortium has opted to use Circulating Fluidized Bed Boilers that remove sulfur oxide and control the burning temperature of coal to prevent formation of nitrous oxides that lower air emissions.

First phase of the project will be completed in 2014 while the second and final phase will be finished in 2016. (Anthony Bayarong, Manila Times)

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SCTEx placed under new management

MANILA — The Manila North Tollways Corp. (MNTC) Friday took over the operation and management of the Subic-Clark-Tarlac Expressway (SCTEx) to pave the way for the integration of the two longest expressways in Northern Luzon — SCTEx and North Luzon Expressway (NLEx).

This, after the Bases Conversion Development Authority (BCDA) signed Wednesday a “business and operating agreement” with the MNTC to finally forge the deal on SCTEx.

“Motorists will soon enjoy the benefits of integration in the form of seamless travel between the North Luzon Expressway (NLEx) and the SCTEx,” said BCDA and MNTC in a statement. MNTC also operates the NLEx.

Under the agreement, MNTC will operate and manage SCTEx for 33 years, while “relieving BCDA of the heavy financial burden of paying the latter’s P34-billion debt to the JICA.”

The MNTC said that the deal paves the way for the company to provide the best services to motorists using SCTEx at par with the high standards applied on the NLEx.

The agreement for the private management and operations of the STEx, funded from a P34-million loan from the Japan International Cooperation Agency (JICA), will take effect in the next 33 years.

Under the deal, the MNTC will assist the SCTEx in paying for the JICA loan that will mature in 2041. This will be done by providing the SCTEx with funds to repay its JICA loan through revenue sharing and agreed-on advances during shortfalls.

"The agreement is our contribution to the public-private partnership program. We see it as innovative because it frees the government of the heavy debt-servicing burden. In other words, by virtue of this agreement, we can say the SCTEx was built at no cost for the government," BCDA chairman Felicito Payumo said.

Payumo said the pact “also assures the MNTC of a reasonable return to cover commercial risks as SCTEx’s co-concessionaire. The agreement satisfies BCDA’s requirement to cover the state firm’s debt service obligation to JICA.”

The statement also quoted MNTC chairman Manuel V. Pangilinan as saying that “the contract is truly reflective of the intentions and spirit of the partnership from the beginning.”

“MNTC’s takeover of the SCTEx signals the advent of a new era in comfortable and safe travel offered by a seamless traffic along the NLEx as strategically linked to the SCTEx that both meet world-class standards,” Pangilinan said.

BCDA president and CEO Arnel Casanova said the agreement represents a fusion of the strengths of the two partners that would ensure maximum benefits to the public and the country. “The agreement is a major breakthrough towards establishing a good model for public-private partnership.”

He explained that as SCTEx’s co-concessionaire, the MNTC will manage the entire operations and supervision of the tollway, linking Subic Freeport Zone in Zambales, Clark Special Economic Zone in Pampanga, and the Central Techno Park in Tarlac.

Under the agreement, MNTC will provide ancillary facilities and equipment, plus resources needed to run SCTEx efficiently, including assuring security and safety for motorists on the tollway round the clock. (Mark Anthony N. Manuel, Manila Bulletin)

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Meralco ready to sign supply contract for Subic coal plant

Utility giant Manila Electric Company (Meralco) is ready to ink a power purchase agreement (PPA) which may cover the entire capacity of the $1.28 billion Subic coal-fired power facility of 600 megawatts that will be due on stream by the first half of 2014.

“We should be able to accommodate the 600MW, but it is a function of what price… and there are also other interested parties,” Meralco senior executive vice president Oscar S. Reyes said.

With the signing of the Shareholders Agreement among project sponsors on Friday, the utility firm’s subsidiary Meralco PowerGen (MPG) officially became the majority shareholder in Redondo Peninsula Energy (RP Energy), with more than 50 percent equity. RP Energy is the corporate vehicle for the project.

Aboitiz Power’s wholly-owned subsidiary Therma Power Inc. and another partner Taiwan Cogeneration Corporation cornered the remaining shareholdings.

“With highly respected and well-established local and business partners, Meralco now signals its re-entry into power generation, nearly 40 years after relinquishing its power generation operations and 20 years after the ‘welcome mat’ had been laid out for private sector participation in power generation,” Reyes said.

The intent of the project developers would be mainly to offer the capacity of the baseload coal-fired plant as a cost-competitive source of power – be it for end-users already qualified under open access or those which will remain captive, mainly the residential end-users.

With Meralco’s interest in the project, it will also shoulder more than 50-percent of the equity cost portion. The 70-percent of the total project cost will be infused through project financing.

During the signing of the shareholders’ deal, several banks interested at offering financing were already hovering around the venue – including BDO Capital, RCBC, Philippine National Bank, PNB Capital, Bank of the Philippine Islands and First Metro Investment Corporation, among others.

For his part, Aboitiz Power president Erramon I. Aboitiz noted that the coal plant’s project design has been re-evaluated when Meralco came into the picture as their partner.

“As we initiated discussions with Meralco PowerGen, the configuration of the power stations was rethought again, this time using two 300-MW generating units with reheating capabilities,” Aboitiz said. (Myrna M. Velasco, Manila Bulletin)

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Divers now on retrieval mode for lost companion inside USS New York

Divers here have located the two foreign divers who drowned inside a shipwreck site in Subic Bay Freeport.

Six divers from the Boardwalk dive shop inside Subic Bay Freeport located the two divers at around 5:30pm today (Monday).

Although the drowned divers identified as America dive master Steven Brittain, 47 and Hong Kong resident Shun Chuen Tin, 30 were located thier body has yet to be recovered.

The two divers including another Chinese national identified as Fong Lung Chow dove to see USS New York, a popular dive site in Subic Bay Freeport at around 3pm Sunday.

Chow left the dive site first and said that he saw Tin stop and turned around as they were leaving USS New York, Brittian signaled to him that he would go back to go Tin.

Chow proceeded to surface, he added that the site was dark and muddy and that he lost site of the two divers.

Chow waited for the his two companion for 30 minutes and decided to dive back to look for them but failed. He reported the incident to authorities.

Before divers from Boardwalk Dive Shop went to search for the two drowned victims, 4 divers from Johann’s Dive Shop located in Barangay Barretto in Olongapo City dove but failed to located the two foreigners.

The search started Sunday afternoon a few minute Chow reported the incident to local authorities.

Johan De Sadeleir, a Belgian national, who owns Johann Dive shop was one of the divers. The two victims originally came from Sadeleir dive shop were they rented their gears before going to the dive site.

Brittain is a known dive expert which is why his fellow diver were puzzled as to what really happened with the two. (Anthony Bayarong, Subic Times)

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Subic Power Expands With $1B

MANILA — The entry of the Pangilinan-led Meralco in the coal-fired Subic power plant would pave the way for the expansion of the 300-megawatt coal-fired power plant into a 600-mw with investments of almost $1 billion for the entire project.

Subic Bay Metropolitan Authority administrator Armand C. Arreza told reporters at the sidelines of the Philippines-Taiwan Joint Economic Conference (JEC) Thursday that the entry of Meralco PowerGen Corp. in Redondo Peninsula Energy Inc. in Subic would dilute the shareholdings of the Aboitiz Group and Taiwan Cogeneration Corp. (TCC) to less than 50 percent.

Originally, the Aboitiz group owns 51 percent share and the Taiwanese with 49 percent. After the Meralco entry, the Filipino investors would have 75 percent shareholdings and the Taiwanese would be diluted to 25 percent, Arreza said.

According to Arreza, only one third of the first phase 300-mw power plant would be supplied to Subic and the rest for Olongapo and Clark. But with the additional 300-mw capacity, the Subic plant would be augmenting power supply to the national grid.

The power distribution giant Meralco headed by businessman Manuel V. Pangilinan had earlier announced plans to enter power generation as "part of its over-all strategy to assist in ensuring efficient, adequate and reliable electricity at cost-competitive rates."

The company plans to put up at least 1,500 MW of new generation capacities over the next five years.

Earlier, Brian S. Hsu, TCC president, said that construction of the first phase of the project was scheduled to start in 2009 and commercial operation in 2012 and the second phase of 300MW to start three years after the commercial operation of the first phase.

The first phase was to be funded through 70 percent loans and 30 percent equity contribution.

Hsu said that the entry of the additional power capacity into Subic would mean lower power cost to Subic Freeport, which has a good number of Taiwanese investors.

“We are trying to bring the cost of power down especially that lots of users in Subic are paying very high rates,” he noted.

Aside from lower cost, Hsu said the coal-fired plant is using the circulating fluidized bed (CFB) technology, an environmentally-friendly technology and is considered a ‘clean coal technology.’

Even at that time, Hsu already said that the joint venture was already considering of taking in new investors but it could be arranged after the project has come into commercial operation saying it would be easier to pursue a project with only two partners negotiating.

The Taiwanese power company supplies 25.4 percent of the total 7,721 megawatt power requirement of in Taiwan.

The Subic project is the first international foray of the Taipei Stock Exchange-listed company. (Bernie Cahiles-Magkilat, Manila Bulletin)

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Meralco to sign shareholders' agreement

MANILA — Following the decision of its board on the acquisition of majority shares in the proposed Subic coal plant, the power generation arm of utility giant Manila Electric Company (Meralco) is already scheduled next week to ink the shareholders agreement with partners in the project.

In an advisory-statement to the media, original project sponsor Aboitiz Power Corporation indicated that the pact signing with Meralco PowerGen Corporation (MPG) and Taiwan Cogeneration International Corporation (TCIC) will be on July 22, 2011 at the Lighthouse Marina Resort in Subic Bay.

“The signing will formalize the agreement of the three parties to develop a 600-MW circulating fluidized bed coal-fired power plant project within the Subic Bay Freeport Zone consisting of two 300-MW generating units,” the company said.

In the deal firmed up by the parties, Meralco PowerGen will assume majority stake in the coal project – an investment thrust that the company has always batted for with its prospective partners.

No direct statement from project partners yet if the deal will also cover off-take arrangement with Meralco on the electricity to be generated from the plant.

Apart from meeting the demand of its captive customers or those which will not have choice yet with the introduction of industry open access, Meralco is also excited on prospects that it may be able cater to contestable customers outside its franchise area once it decides to enlist as retail electricity supplier.

So far, the power utility firm enthused that this will be its “showcase venture” as it pursues vertical reintegration as investment strategy in the deregulated power industry.

For this segment of its investment, Meralco executives previously hinted that they will opt for cash infusion of P9.0 billion for their equity portion in the project.

The coal facility, which is currently placed under corporate vehicle Redondo Peninsula Energy Inc.; is a solution being aligned to beef up power supply in the Luzon grid by 2015.

“The new power facility is expected to augment the generation capacity in the Luzon grid. It will also help ensure the availability of efficient, adequate and reliable power to the grid and competitively priced power for customers,” it was noted.

In Meralco’s case, this will be part of its short-term investment which shall address its needs for additional supply that would be coming from a baseload generation facility. The first undertaking it has been pushing for would be a peaking facility which it anticipates coming on-line by next year.

The longer-term investment proposition for Meralco would be a facility that may run on indigenously-extracted natural gas or imported liquefied natural gas.

At this stage though, the prime consideration they have been weighing is how to set scale on such kind of investment and what would be the supply-demand scenario when the LNG facilities would finally come on stream. (Myrna M. Velasco, Manila Bulletin)

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SBMA cites Subic college for CSR program

The Subic Bay Metropolitan Authority (SBMA) presented an award to Mondriaan Aura College, a Subic-based educational institution that provides seminar-trainings to agency employees as part of its corporate social responsibility (CSR) program.

SBMA human resources manager Lolita Mallari, on behalf of the Subic authority, gave plaques and certificates of appreciation to Aura officials for the school’s “continuous support to the agency” during last Monday’s flag ceremony.

The awardees were Dr. Edgar Geniza, president of Mondrian Aura College; Dr. Editha Geniza , executive vice president; and school staffers Leo Eusantos, Roma Salvador, Thomas Erween Davis, and Ludivina Carballo.

“This is an example of SBMA and its stakeholders synergizing,” Mallari said of SBMA and Aura’s partnership.

She added that the SBMA presented the awards to recognize the college’s efforts in helping to enhance the skills and capacities of SBMA personnel.

Aura began conducting trainings and seminar-workshops for SBMA employees last year, after launching its CSR program dubbed “Summer Experience”. The project was proposed by Dr. Editha Geniza to SBMA administrator Armand Arreza, who readily agreed to the program.

Since its inception, Aura has conducted four seminars for SBMA personnel. These are the Seminar on Handling Difficult Behavior, which was held on March 25 and April 29, 2010 with 77 attendees; Seminar on Accounting for Non-Accountants held on March 26, 2011 with 31 attendees; Strategic Ethics and Decision-Making Analysis held on May 26, 2010 with 44 participants; and Seminar on Human Relations Skills held on July 7-8, 2011 for 30 SBMA employees. (SBMA Corporate Communications)

PHOTO:
Mondriaan Aura College personnel receive certificates of appreciation for their training program for SBMA employees, from left: Thomas Erween Davis, Ludivina Carballo, Roma Salvador, Dr. Editha Geniza, SBMA human resources manager Lolita Mallari, and Leo Eusantos.

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New Kalaklan Lighthouse Bridge Opens July 12

The new Kalaklan-Lighthouse Bridge will be opened to motorists and pedestrians starting July 12 after more than a year since construction began in June 2010, the Subic Bay Metropolitan Authority (SBMA) has announced.

”Ang pagbubukas ng bagong Kalaklan Bridge ay malaking tulong sa publiko – mga empleyado at estudyante kasama na ang mga turista at dumaraang motorista mula sa ibang bahagi ng Luzon,” according to Mayor James “Bong” Gordon Jr.

The new two-lane bridge replaces the some 50-year old span built by the US Navy in the 1960’s which served as a gateway to and from the province of Zambales. It is one of the four bridges connecting the freeport zone to Olongapo City.

An average of two thousand five hundred (2,500) vehicles and some three hundred (300) pedestrians, according to SBMA, pass through the Bridge every day before it was totally closed to pave the way for the construction of its replacement.

The ensuing rerouting of all vehicles through the Olongapo City proper resulted to heavy traffic in its main thoroughfares, especially during the morning and afternoon rush hours. (Pao/fr)

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Garcia stays put in SBMA

BALANGA CITY, Bataan — President Benigno Aquino III has reappointed Francis Garcia as representative of the province of Bataan in the Board of Directors of the Subic Bay Metropolitan Authority.

Garcia and fellow directors were sworn into office recently in a ceremony held at the Ceremonial Hall in Malacañan Palace.

Bataan’s second district Rep. Albert Garcia joined Balanga Mayor Jose Enrique Garcia III and sister Gila, former SBMA director, to witness the oath-taking of their brother.

“I am committed to the vision of President Noynoy Aquino and the SBMA itself of attracting more investors that will translate to more employment opportunities for our people and gain much-needed revenues for our government,” the young Garcia said.

He was director from March 2010 to August 2010 until his reappointment to the post in the former American Naval Base, three-fourth of the total land area of which belongs to Bataan.

Garcia graduated from Cornell University in Ithaca, New York with a degree in Bachelor of Science in Engineering majoring in Computer Science. (Butch Gunio, Manila Standard Today)

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After GN Power entry, DoE still seeking 900MW for Luzon

MANILA — After the much-anticipated entry of the 600-megawatt capacity of GN Power by 2013, the Department of Energy (DoE) is still soliciting additional 900 megawatts of capacity to plug forecast capacity shortfall in the Luzon grid until 2015.

In the supply-demand outlook which has been the anchor for its Grid Operating and Maintenance Program (GOMP) for 2011, the DoE indicated that capacity additions for Luzon must reach 1,500 megawatts until 2015. It shall be spread as follows: 300MW by 2011; 300MW by 2012; 450MW by 2014; and another 450MW by 2015.

But with the project of Redondo Peninsula Energy in Subic being firmed up, and of which capacity may likely be ramped up to 600-MW, the government’s dilemma for Luzon supply may already be solved partly. As of latest developments, the project would already be spearheaded by the newly-formed power generation unit of Manila Electric Company and still in partnership with the Aboitiz group and Taiwan Cogeneration International Corporation.

Even with these capacity additions though, it is seen that the anticipated increase in demand may still render shortfalls, especially in the reserve requirement. Industry studies portend that power demand may expand to 4.5 percent within this five-year period from the historically-logged growths of 3.7 to 3.9 percent.

The prescription then is for DoE to ensure the entry of other firmly-committed projects which may come from greenfield ventures or from the uprating of the privatized power plants.

Based on data it submitted to the Energy Regulatory Commission (ERC), the energy department indicated that the existing dependable capacity by year 2013 would be at 9,384 megawatts as against peak demand forecast of 8,309 megawatts. This entails that the required reserve margin of 23.4-percent vis-à-vis peak demand at that time, which would be around 1,944MW, cannot be met fully.

A decent reserve margin is a “must” in an electricity system for it to function efficiently and be able to meet end-user demand. It is significant in such a way that in case of forced outages, there would be ready capacity that can be relied upon as substitute for capacities being displaced or suddenly taken out from the system.

Of the required capacity shoring up, it qualified that the only ones committed have been 41MW for 2011; and the GNPower facility of 600MW by 2013; while the rest according to the energy department are still “indicative.”

Nevertheless, the DoE qualified that it is similarly counting on the capacity uprating of some plants, such as the Bacon-Manito geothermal facility as well as the other privatized plants in Luzon in beefing up power supply for the grid.

Given the circumstances, the energy department viewed that the most necessary step it has to consider during such crucial transition would be to continuously operate the 650-megawatt Malaya thermal plant, thus, postponing its retirement which would have been scheduled as early as 2011. (Myrna M. Velasco, Manila Bulletin)

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Subic taps San Miguel for electricity requirements

THE Subic Bay Freeport Zone has tapped San Miguel Corp. (SMC) for its electricity requirements.

Under the agreement inked by the Freeport’s distributor, Subic Enerzone Corp. (SEZ), SM Energy Corp. (SMEC) will supply the utility’s electricity needs for six months.

SEZ, in particular, will source over 16 to 17 megawatts from April to September 2011 from SMEC at a flat rate of P3.89 per kilowatt-hour subject to fuel and foreign currency exchange adjustments.

The Energy Regulatory Commission already approved the two parties’ agreement in a provisional decision released last month subject to some conditions.

These are the determination of the final generation rate to be determined by the ERC; and the refund to consumers in case the initial rate agreed upon by SEZ and SMEC are higher than what the regulator comes out with.

Prior to the supply deal, the Freeport sourced its electricity from state-owned National Power Corp.

Most of the latter’s generating plants in Luzon, however, have been privatized under the government’s power sector reform and restructuring program.

Among those that acquired Napocor’s plants from the state auction block was SMEC, which spearheaded SMC’s diversification to the power generation business.

The assets acquired by SMEC from Napocor include the 620-megawatt Limay combined cycle power plant, and the administration for the contract for energy output of the 1,000-megawatt Sual coal-fired power plant, 345-megawatt San Roque multi-purpose hydro plant and the 1,294-megawatt Ilijan natural gas power plant.

SMC shares rose to P123 apiece on Tuesday from P119 on Monday. (Euan Paulo C. Añonuevo, Manila Times)

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