Meralco unaffected by termination of San Miguel power contracts for 1,800 MW capacity

Manila Electric Co. (Meralco) has confirmed that the termination of the contracts of San Miguel Global Power subsidiaries covering 1,800 megawatts will not impact its business, financial condition, and operations.

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In a stock exchange filing, Meralco said it is evaluating the best available options for its customers and is not excluding the possibility of requesting the Department of Energy to approve the reconduct of a competitive selection process for the contract capacity of 1,800 MW.

The termination of the agreements by San Miguel Global Power units was due to the non-occurrence of several conditions for the commencement and acceptance of the power supply agreements.

However, Meralco officials remain confident in securing contracts to replace the 2021 power supply agreements forged with the SMC Group.