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Velasco lauds DOE, Meralco, industry players after signing of new power deals

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Marinduque Rep. Lord Allan Velasco on Wednesday congratulated all the players involved in the signing of power supply agreements between Meralco and three companies that will supply a combined 1,200 megawatts to Meralco for a decade.

“This is a welcome development which is aligned with the Duterte administration’s goal of bringing down the cost of electricity and ensuring a steady and continued supply of power across the country,” said Velasco.

Velasco, who is expected to take over the speakership next year, chairs the House committee on energy.

Meralco closed the deals on Friday with Phinma Energy Corp., San Miguel Energy Corp. and South Premiere Power Corp. The contracts take effect on December 26.

“The Competitive Selection Process (CSP) recently conducted by Meralco successfully resulted in the award of Power Supply Agreements (PSA) to Phinma, SMEC and SPCC which are very price competitive and lower than prevailing generation charges,” Velasco said.

“We laud the Department of Energy (DoE) and its head, Secretary Alfonso Cusi, as well as industry players and stakeholders for acting swiftly to boost government initiatives in finding ways to provide adequate power supply at lower costs to the end-users,” he added.

Velasco said the landmark Murang Kuryente Act “set the stage for this milestone step to make available a reliable, resilient and inexpensive energy supply to Filipino consumers.”

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