SMC Global Power Holdings Corp. (SMCGP), the power generation arm of conglomerate San Miguel Corp. (SMC), said it would cease to supply power to the Manila Electric Co. (Meralco) effective Wednesday. Know more:
SMC Global Power Holdings Corp. , the power generation arm of conglomerate San Miguel Corp. , said it would cease to supply power to the Manila Electric Co. effective Wednesday.
Thereafter, the Court of Appeals issued a Notice of Resolution and a Temporary Restraining Order enjoining the ERC and Meralco from implementing the ERC order denying the joint petition filed by SMGP’s subsidiary South Premier Power Corp. and Meralco for temporary relief for a 60-day period. The cessation of supply, covered by the resolution and the TRO, is immediately executory.
This forced SPPC to source capacity from the Wholesale Electricity Spot Market , which triggered even higher price spikes, further affecting the company’s costs to supply Meralco. Meanwhile, SMGP said the right to unilaterally terminate is allowed under the PSA itself, as part of necessary mitigation measures under the long-term, fixed rate supply deal, particularly in the event of a “change in circumstances”.
This finding was also independently validated by no less than the ERC’s own Regulatory Operations Service.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SMC terminates 670-MW power supply agreement with MeralcoSMCGP said the right to unilaterally terminate was allowed under the power supply agreement with Meralco as part of necessary mitigation measures under the long-term, fixed rate supply deal, particularly in the event of a “change in circumstances”. READ:
Read more »
SMC offers Ilijan plant’s capacity to Meralco at P1 per kWhSMC said the move would help keep electricity prices as low as possible for consumers while ensuring a steady power supply in the coming months. READ:
Read more »
Higher electricity rates seen as San Miguel ends deal with MeralcoSan Miguel Corporation subsidiary San Miguel Global Power terminated its power supply agreement (PSA) with the Manila Electric Company (Meralco) due to losses caused by higher fuel costs.
Read more »
Meralco, First Gen to explore options for putting Ilijan gas plant back online - BusinessMirrorSan Miguel Corp. (SMC), the Manila Electric Co. (Meralco), and First Gen Corp. are going to discuss how they can put the Ilijan gas plant back on line so the grid would be injected with 1,200 megawatts (MW) of capacity. According to Meralco, one way to make this happen is for First Gen to temporarily
Read more »
MERALCO says electricity rates may go up in January due to tight power supply“Usually a series of yellow and red alerts result to higher costs of electricity. Papasok na ito doon sa supply month of December. So ang impact niyan nararamdaman sa bills sa Enero,” said MERALCO spokesperson Joe Zaldarriaga.
Read more »
Meralco gets CSP exemption for power supply deal - BusinessWorld OnlineMANILA Electric Co. (Meralco) has secured a certificate of exemption from the Department of Energy (DoE) from the competitive selection process (CSP) for the supply of 670 megawatts (MW) of power after a temporary restraining order (TRO) suspended its deal with a unit of SMC Global Power Holdings Corp.
Read more »