The results of the bidding were announced late Tuesday afternoon after a competitive selection process designed to secure the lowest electricity rates for customers of the country’s largest power retailer.
Masinloc Power Co. Ltd., owned by San Miguel, submitted the best bid with a total levelized cost of electricity (LCOE) rate of P5.6015 per kilowatt-hour (kWh), including line rental costs and value-added tax. This offer covers 500 MW of Meralco's requirement.
Meanwhile, GNPower Dinginin Ltd. Co., under the Aboitiz Group, offered a rate of P5.7392 per kWh for the remaining 100 MW of baseload capacity.
Both bids were well below the reserve price of P7.2609 per kWh set for the bidding.
Meralco’s bids and awards committee for power supply agreements confirmed that these submissions met all the criteria outlined in the bidding documents.
"The robust turnout of this competitive selection process is a welcome development for Meralco’s continuing efforts to source sufficient power supply for its customers at the least cost possible," bidding committee head Lawrence Fernandez said in a statement.
The 15-year power supply agreements resulting from this process will undergo regulatory review by the Energy Regulatory Commission before taking effect in August 2025, ensuring compliance with government regulations.
