Energy Development Corp. and MORE Electric and Power Corp. asked the Energy Regulatory Commission to approve their 5-year power supply agreement .
The rate, they said, is lower by P0.2533 per kWh in the generation rates of MORE Power compared to sourcing from the Wholesale Electricity Spot Market. MORE Power previously sourced a portion of its requirements from the Power Sector Assets and Liabilities Management Corp. . A 20MW portion of MORE Power’s contract with PSALM is what is set to be supplied under the PSA with EDC.
This is especially true as there is no fuel cost escalation in the PSA with EDC. Further, the electricity to be supplied by EDC under the PSA is not subject to value added tax as it shall be sourced form an RE, specifically the geothermal power plant of EDC,” their application stated.The ERC, they said, is also aware that the Negros-Cebu submarine cable of the National Grid Corporation of the Philippines was damaged in June last year.
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