ERC awards country's 10th RES license to Adventenergy Inc.
The Energy Regulatory Commission (ERC) awarded on 20 July 2009 the Philippines’ 10th Retail Electricity Supplier (RES) license to Adventenergy, Inc. which seeks to provide retail energy service to all economic zones in the country. The country’s 10th RES registered with the Philippine Securities and Exchange Commission (SEC) on 14 August 2008 and is a wholly owned subsidiary of the Aboitiz Power Corporation and an affiliate company of Aboitiz Energy Solutions, Inc. (AESI), also a holder of a RES License.
A RES is a person or entity authorized by the ERC to sell, broker, market or aggregate electricity to the end-users. Adventenergy, Inc. was able to prove, among others, that it: (i) has the ability to set up and operate a computerized B2B system; (ii) can enter into any needed access or interconnection arrangements with one or more distribution utilities (DUs) and the transmission operator; (iii) has adequate staffing and employee training; (iv) is financially capable by passing a credit standard; & (v) has a sound 5-year business plan which includes hydro, geothermal, coal, wind and bio-energy power sources.
Adventenergy, Inc. joins the RES roster which includes: (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., (8) Premier Energy Resources Corp., and (9) TeaM Philippines Energy.
“The ERC welcomes Adventenergy, Inc. to the growing supply sector which will serve a critical role in the country’s economic activities once the regime of open access and retail competition is in place. The entry of Adventenergy, Inc. is a sure sign that healthy competition in the retail energy market will come into play leading to reasonable prices of electricity.” ERC Chairperson Zenaida G. Cruz-Ducut said.
July 23 , 2009