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18 September 2003 - The Manila Electric Co., known as Meralco, said Thursday that revisions in its electricity supply contracts with independent power producers, First Gas Power Corp. and Quezon Power Philippines Ltd., are being drafted into formal agreements.
In a statement released to the Philippine Stock Exchange, Meralco said, "We are hoping that the amendments to the contracts could be signed and presented to the Energy Regulatory Commission for approval no later than the end of the year so that the savings on purchased power cost from Meralco's forenamed IPPs, estimated at 44bn pesos ($798m) over the duration of the contracts, could be enjoyed by the customers,"
Meralco, the country's largest power distributor, signed 25-year electricity supply deals in the mid-1990s with First Gas and Quezon Power. For the whole of 2002, Meralco bought PHP25.58bn worth of electricity from First Gas Power, and PHP11.56bn from Quezon Power.
Meralco started renegotiating its IPP contracts last year after state utility National Power Corp. succeeded in lowering the cost of electricity it buys from IPPs by seeking new terms for the contracts.
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