Aboitiz Power Corp. (AboitizPower, PSE: AP) subsidiary Therma Mobile Inc. (TMO) has signed a power supply agreement (PSA) with Manila Electric Co. (Meralco, PSE: MER).
“This contract is a timely response of both AboitizPower and Meralco to the call of government for stable and reliable power going into the midterm elections and beyond,” AboitizPower Oil Business Unit President and COO Celso C. Caballero III said.
TMO, with four floating power barges moored in Navotas, has a combined gross capacity of 242MW. The facility went into preservation mode on February 5 this year, as well as voluntarily disconnected from the grid and de-registered from the energy market.
It is currently expected to be registered again with the Independent Electricity Market Operator of the Philippines Inc. (IEMOP) on April 22, 2019 and delivery of power to Meralco will commence on April 26, 2019.
The oil-fired barges in Navotas are considered ideal for providing peaking supply and ancillary services with its operational flexibility and the ability to start up quickly to respond to the needs of the grid. TMO will provide Meralco with up to 200MW of additional power.
The Oil Business Unit of AboitizPower operates five oil-fired power facilities in Luzon, Visayas, and Mindanao.
AboitizPower has a balanced mix portfolio of coal, oil, geothermal, hydro, and solar power plants nationwide.