The Manila Electric Company (Meralco) has secured the lowest offer for its 400-megawatt (MW) mid-merit supply requirement from GNPower Dinginin Ltd. Co. (GNPD).
During the Bid Opening for this Competitive Selection Process (CSP) earlier today, three (3) generation companies submitted their qualification documents, technical proposal, and bid price. All the offers were lower than the P8.0585 per kilowatt-hour (kWh) reserve price for the levelized cost of electricity (LCOE) set for the bidding.
GNPD's offer of P7.6816 per kWh total LCOE for the entire 400MW requirement was declared the best bid.
Meanwhile, Sual Power Inc., which offered P7.7416 per kWh for 300 MW of supply, and Masinloc Power Co. Ltd, which submitted a P7.8567 per kWh bid for 200 MW of the supply requirement, were declared the next best bids.
According to Meralco's Bids and Awards Committee for Power Supply Agreements (BAC-PSA), all submissions passed the criteria contained in the bidding documents and pre-qualification evaluation.
"Just like in the past, this CSP has fulfilled the objective of securing the needed power supply for customers at the least cost possible through an open and transparent process," Meralco BAC-PSA Chairman Lawrence S. Fernandez said.
CSP observers, including consumer groups, also witnessed the bid submission. The proceedings were also streamed live on Meralco's YouTube page.
The BAC-PSA will conduct a post-qualification evaluation prior to issuing a Notice of Award and executing the Power Supply Agreement (PSA) with the winning bidder.
As a highly regulated entity, Meralco conducted the CSP in full compliance with the rules and regulations issued by the Energy Regulatory Commission (ERC)and the Department of Energy (DOE).
The resulting 15-year PSA for Meralco's 400-MW mid-merit requirement will be subject to regulatory proceedings and approval of the ERC before its planned effectivity on August 26, 2025.
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