Manila, Sept. 10 -- Consumers are expected to save around PHP0.28 per kilowatt (kWh) as the Manila Electric Company (Meralco) executes new power supply agreements with its winning suppliers.
In a statement, the Meralco announced on Monday the three "best bids" it received for the supply of 1,200 megawatts (MW) effective December 26, 2019 for a term of 10 years.
Once the new supply agreements, which can lower generation charges, are implemented, Meralco consumers are expected to save PHP9.46 billion annually for 10 years.
The electric distribution utility company said the "best bids" were those submitted by PHINMA Energy Corporation, San Miguel Energy Corporation, and South Premiere Power Corporation.
PHINMA Energy Corporation offered to...