ERC Awards license to TeaM Philippines Energy as RP's 9th RES

Team Philippines Energy is the 9th RES. Satoru Harada (4th from left), President of Team Philippines Energy, receives the RES license from ERC Chairperson Zenaida G. Cruz-Ducut (3rd from left). Witnessing the event are (L to R) ERC Commissioners Alejandro Z. Barin, Maria Teresa A.R. Castañeda, Jose C. Reyes and Rauf A. Tan.

The Energy Regulatory Commission (ERC) issued a license as a Retail Electricity Supplier (RES) to TeaM (Philippines) Energy Corporation (Team Philippines Energy) on 15 December 2008, bringing up the number of RES operating in the country to nine (9).

The eight (8) other RES’ that have been licensed by the ERC include: (1) GN Power Ltd. Co., (2) Aboitiz Energy Solutions, Inc. (3) Trans-Asia Oil and Energy Development Corp., (4) GNPower Mariveles Coal Plant Ltd. Co., (5) First Gen. Energy Solutions, Inc., (6) Cabanatuan Electric Corporation, (7) Masinloc Power Partners Co. Ltd. and (8) Premier Energy Resources Corp.

“The ERC is happy to note the growing confidence of investors on the electric power industry in the Philippines. It is hoped that Team Philippines Energy will continue to support the electric power industry’s ultimate goal of providing consumers the power to choose their source of power,” ERC Chairperson Zenaida G. Cruz-Ducut expressed.

A RES is a person or entity authorized by the ERC to sell, broker, market or aggregate electricity to the end-users.

Team Philippines Energy is a subsidiary of TeaM Energy (formerly known as Hopewell and later Mirant) that set up its operations in the country in the 1990s to become the first Independent Power Producer (IPP). It was established to sell the uncontracted capacity of the Sual power plant to bulk consumers of electricity, particularly to industrial customers.

Earlier, in November 2007, the ERC awarded Team Philippines Energy its Certificate of Registration as Wholesale Aggregator, giving it authority to sell electricity to a distribution utility (DU) or a consortium/group of DUs.

December 22 , 2008