PHINMA to supply Meralco with 200-MW baseload

PHINMA Energy Corporation (PHEN) on Tuesday said it is set to supply the Manila Electric Company (Meralco) with a 200-megawatt baseload demand for the next 10 years.

In a regulatory filing submitted by PHINMA vice president Alan Ascalon, the company said it bested several offers during the bidding for the baseload supply on Monday, September 9, 2019.

According to PHINMA, the 200-MW baseload is part of the 1,200 MW which was bid out by Meralco.

“Subject to post-qualification evaluation, execution of the power supply agreement, and approval of the Energy Regulatory Commission, PHEN will supply Meralco a baseload demand of 200MW from 26 December 2019 until 25 December 2029,” the disclosure read.

Formerly Trans-Asia Oil and Energy Development Corporation, PHINMA is engaged in power generation and trading, oil and mineral exploration, development and production.

The company is also registered as a wholesale aggregator and licensed retail electricity supplier.

Its wholly-owned subsidiaries are Phinma Renewable Energy Corporation; CIP II Power Corporation; One Subic Oil Distribution Corp.; One Subic Power Generation Corporation; Phinma Power Generation Corporation; and Phinma Solar Energy Corporation.

It has stakes in Phinma Petroleum and Geothermal Inc.; Palawan55 Exploration & Production Corporation; South Luzon Thermal Energy Corporation; ACTA Power Corporation; and Maibarara Geothermal Inc. —Jon Viktor Cabuenas/VDS, GMA News