Ayala power firm gets license to supply power to other Ayala ventures

Ayala Land subsidiary DirectPower Services, Inc. has obtained a five-year retail electricity supplier (RES) license from state regulator Energy Regulatory Commission (ERC). The company will mainly supply electricity to Ayala malls, offices, buildings, hotels and affiliates throughout the country, the company said in its application with the ERC. DirectPower also disclosed that Ayala Land allotted P40 million in capital to support its retail electricity operations. The company will initially supply the energy requirement of customers with a total average peak demand of 50 megawatts. In granting DirectPower a supplier license, the ERC said that the company has the technical, financial and managerial abilities to meet its contractual obligations and the requirements of the Wholesale Electricity Spot Market (WESM). Saying that the ERC gives RES licenses only to applicants that are strictly screened and determined to be fit for business, ERC chairperson and CEO Zenaida Cruz-Ducut said, "Stakeholders can rest assured of a stable regulatory framework that supports both a healthy competition among players and one which guards electricity consumers against market abuse." — BM, GMA News