Manila, Sept. 11 -- Consumers are projected to enjoy a total rate reduction of PHP0.41 per kilowatt hour (kWh) starting December 26, after the Manila Electric Company (Meralco) successfully conducted another bidding for a contract to supply 500 megawatts of mid-merit capacity.
In a statement, Meralco announced on Wednesday the three "best bids" submitted by First Gen Hydro Power, Phinma Energy, and South Premiere Power for the supply contract of five years duration.
The "best bids" will now undergo post-qualification and the Third-Party Bids and Awards Committee (TPBAC) is expected to issue the respective notices of award in favor of those who satisfactorily passed post-qualification on Thursday, to be followed by the signing of the power...