ERC grants RES license to Masinloc Power Partners

ERC Chairperson & CEO Zenaida G. Cruz-Ducut awards the RES license to MPPCL thru its Director of Business Development, Mr. Jasper Camacho. Witnessing the awarding are ERC Commissioners (left to right) Alejandro Z. Barin, Ma. Teresa R. Castañeda, Rauf A. Tan, and Jose C. Reyes.

The Energy Regulatory Commission (ERC) approved the issuance of a Retail Electric Supplier (RES) license to Masinloc Power Partners Co., Ltd. (MPPCL) to become the 7th RES joining GN Power Ltd. Co., Aboitiz Energy Solutions, Inc. (AESI), Trans-Asia Oil, GN Power Mariveles, First Gen Energy Solutions, and Cabanatuan Electric Corporation.

“The entry of MPPCL is a welcome development for it is a positive indication of the investor confidence in the electric power industry, and that the electricity industry is indeed moving towards the competitive regime as envisioned in the Electric Power Industry Reform Act (EPIRA),” ERC Chairperson Zenaida G. Cruz-Ducut said.

MPPCL is a limited partnership formed by Masinloc AES Power Co., Ltd, and AES Great Britain Holdings B.V. duly registered with the Philippine Securities and Exchange Commission (SEC). MPPCL intends to invest in, acquire, finance, complete, construct, develop, improve, operate, maintain and hold power production and electrical generating facilities in the Philippines for the production and sale of electricity, to sell or otherwise dispose of its electrical generating facilities and such other property. MPPCL’s ultimate parent company is AES Corporation of Arlington, Virginia. MPPCL’s principal place of business in the Philippines is located within the Masinloc Coal-Fired Thermal Power Plant in Barangay Bani, Masinloc, Zambales.

As a RES licensee, MPPCL can now perform its marketing activities for its retail electricity supply business through securing contracts with prospective end-users.

“The success of the electric power industry lies on the support of every electric power industry participant, including the end-consumers. The ERC, for its part, will always adhere to its mandate of promoting and protecting the long-term consumer interest towards a brighter future,” Chairperson Ducut concluded.

August 12 , 2008