Of the 15 generation companies that initially expressed interest in the bidding, six firms with a combined offered capacity of 531 MW submitted compliant bids on Feb. 16, 2026.
SPI offered P4.2955 per kilowatt-hour (kWh) for the entire 200-MW requirement, which was declared the best bid.
Six firms submit compliant bids
Other identified possible next best bids included Mariveles Power Generation Corp., which offered P4.3805 per kWh for 200 MW; Bac-Man Geothermal Inc. with P4.5187 per kWh for 35 MW; and San Manuel Solar Inc., which proposed P4.5787 per kWh for 46 MW.
Also in the list were ACEN Corp., offering P5.2087 per kWh for 25 MW, and First Gen Hydro Power Corp., which submitted P5.4906 per kWh for 25 MW.
“As in previous years, this CSP has successfully secured the required power supply for customers at the lowest possible cost, achieved through an open and transparent process,” said Lawrence S. Fernandez, chair of Meralco’s Bids and Awards Committee for Power Supply Agreements (BAC-PSA).
Transparent and regulated process
Consumer groups serving as CSP observers witnessed the submission of bids, while the proceedings were streamed live on Meralco’s official YouTube page.
The BAC-PSA will conduct post-qualification evaluation prior to issuing a Notice of Award and executing the Power Supply Agreement (PSA) with the winning bidder.
The resulting PSA will cover Meralco’s 200-MW baseload requirement in compliance with Renewable Portfolio Standards, subject to approval by the Energy Regulatory Commission (ERC). —Ed: Corrie S. Narisma
