Two of the Philippines' most dominant power industry players, Manila Electric Co. (MERALCO), the country's largest distribution utility, and the National Power Corp. (NAPOCOR), the country's largest power generator, are asking regulatory approval for an amended supply contract.
In their petition at the Energy Regulatory Commission (ERC) filed on Dec. 18, 2007, they submitted an addendum for the Transition Supply Contract (TSC) which was in effect since 2006.
The current TSC required NAPOCOR to supply MERALCO with the “mutually agreed volume” of 6,646 GWh of energy annualy, based on the time-of-use (TOU) rates plus any ERC-approved deferred accounting adjustment (DAA), which includes fuel costs and foreign exchange adjustments. The TSC has a term of five years with automatic termination one year after implementation of open access and retail competition.
The new supply volumes stated in the contract addendum are 7,156 GWh for 2007; 7,624 GWh for 2008; and 7,666 GWh for the subsequent three years. MERALCO wanted to formalize the larger offtake in 2007 and additional volume for this year up to the subsequent three years.
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