ERC okays FGES as RES

FGES is 5th RES. Photo shows (L-R) Comms. Alejandro Z. Barin, Maria Teresa A.R. Castañeda, ERC Chairman Rodolfo B. Albano, Jr., FGES EVP Richard B. Tantoco, FGES VP Victor B. Santos, Jr., ERC Comms. Jose C. Reyes and Rauf A. Tan.

The Energy Regulatory Commission (ERC) approved the application of the First Gen Energy Solutions, Inc. as a Retail Electricity Supplier (RES) and awarded a license on 05 March 2008. This brings the total number of RES to five (5), which includes: (1) GN Power Ltd. Co.; (2) Aboitiz Energy Solutions, Inc.; (3) Trans-Asia Oil and Energy Development Corp.; and (4) GN Power Mariveles Coal Plant Ltd. Co.

“There is a growing confidence among investors in the electric power industry in the Philippines,” ERC Chairman Rodolfo B. Albano, Jr. exclaimed. “The ultimate goal of providing consumers the power to choose their source of power is coming to a realization,” Chairman Albano added.

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

FGES is a wholly-owned subsidiary of First Gen Corporation (First Gen); incorporated in the Philippines and registered with the Securities and Exchange Commission (SEC) on 24 November 2006. It is engaged in the marketing, supply, delivery, purchase and sale of electricity. It is also involved in the development, design, construction, assembly, commissioning, ownership, operation, maintenance, rehabilitation and management of facilities used for its services. Finally, the company provides facilities and services in relation to the supply and delivery of electricity such as energy efficiency programs.

March 6, 2008