THE Energy Regulatory Commission will re-evaluate the power supply agreements of the Manila Electric Company with two subsidiaries of SMC Global Power—South Premiere Power Corp. and Excellent Energy Resources Inc. —to make sure that the power firms do not go over the prescribed capacity of generation facilities.
“And then the issue of the ownership of the terminal because that’s very important. That’s a key infrastructure of this type of asset. Whoever controls the terminal has to control over the fuel of that asset,” Dimalanta said. As a result of these acquisitions, MGEN and Therma, through their 60/40 ownership of Chromite, will control 67 percent of SPPC, EERI, and Ilijan Primeline, while SMC Global Power retains a 33-percent stake in these three entities and gains a corresponding interest in LFC.Key safeguards include PCC oversight of the Competitive Selection Process to ensure PSAs are awarded through a transparent and competitive bidding process. This oversight aims to prevent collusion or unfair practices.