Premier_Energy Resources Corporation gets RES license - ERC

ERC Chairperson and CEO Zenaida G. Cruz-Ducut awards the RES license to PERC thru its Chief Financial Officer, Mr. Jeffrey C. Lim and Vice President, Mr. Jaime Patinio. Witnessing the awarding are ERC Commissioners (left to right) Jose C. Reyes, Alejandro Z. Barin and Rauf A. Tan.

The Energy Regulatory Commission (ERC) awarded on 15 September 2008 a license to Premier_Energy Resources Corporation (PERC) to be a Retail Electricity Supplier (RES). This brings the total number of RES in the Philippines to eight (8), which includes: (1) GN Power Ltd. Co., (2) Aboitiz Energy Solutions, Inc., (3) Trans-Asia Oil and Energy Development Corp., (4) GN Power Mariveles Coal Plant Ltd. Co.; (5) First Gen Energy Solutions; (6) Cabanatuan Electric Corporation and (7) Masinloc Power Partners Co., Ltd.

PERC registered with the Philippine Securities and Exchange Commission (SEC) on February 21, 2008 and is primarily owned by Sanford Investments Corporation. PERC aims to engage in the supply and delivery of electricity and develop, construct, erect, assemble, commission, own, operate, maintain, rehabilitate and manage facilities used in connection with services necessary or appropriate with the supply or delivery of electricity.

PERC is the first non-electric power industry player to get a RES license. It plans to cater to the demand requirements of shopping malls and similar entities. As its planned customer base revolve around commercial retail entities, the combined demand of these customers will be used as motivation to secure the best deal available from the generation sector. As such, PERC is optimistic that it can offer its primary clients lower electricity rates compared with that of a distribution utility, without affecting reliability and service quality. As PERC’s operation stabilizes, it may also provide electricity trading services for other end-users qualified to be contestable customers in the retail market.

Having substantially complied with the requirement for securing RES license, PERC can now manage and operate an electricity supply business, and must ensure its strict compliance with ERC rules and guidelines. A RES, as defined by the EPIRA and its IRR, is a person or entity authorized by the ERC to sell, broker, market or aggregate electricity to the end-users.

“The ERC is gladdened to note the increasing number of players in the retail electricity business. The growth of the industry is expected to build a healthy competitive environment for the benefit of all electricity consumers,” Chairperson Ducut expressed.

September 16, 2008