MERALCO Taps GTCAP Unit for Interim Power

Pasig—(PHStocks)—Manila Electric Co. (MERALCO, PSE: MER), the Philippines’ largest distributor of electrical power, has signed power supply deals with two independent power producers (IPPs) in the Visayas to augment a foreseen capacity deficit in its portfolio, especially during the coming summer.

In a filing with the Energy Regulatory Commission (ERC), Meralco said it signed separate interim power supply agreements (IPSA) with Toledo Power Co. (TPC) and Panay Power Corp. (PPC) for the supply of 28MW and 45MW, respectively. TPC and PPC are operated by Global Business Power Corp., a member of the GT Capital Holdings Group (PSE: GTCAP).

The IPSA shall become effective upon approval of the ERC and shall expire on February 25, 2017.