ERC to Review Market Share Impact of Meralco, AboitizPower, San Miguel Global Power's Joint Acquisition

The Energy Regulatory Commission (ERC) will review the market share limitations of Manila Electric Co. (Meralco), Aboitiz Power Corp. (AboitizPower), and San Miguel Global Power Holdings Corp. (San Miguel Global Power) following their joint acquisition of three power facilities and a liquefied natural gas (LNG) terminal, as approved by the Philippine Competition Commission (PCC).

ERC officials said the regulator wants to look into the electricity price impact on the companies' customers and whether the market limitations would be breached. 'Technically, we'll need to revisit our decision regarding their power supply agreements (PSAs)... the compliance with market share limitations,' ERC chairman and CEO Monalisa Dimalanta said.'And then there is the issue of the ownership of the terminal.... that's a key infrastructure. ... whoever controls the terminal has control over the fuel of that asset...,' she added.The ERC has set market share limitations (MSL) for national and regional power grids, under which a private company can own 25 percent of total capacity of the national grid and 30 percent of total capacity in the three major regional grids (Luzon, Visayas and Mindanao).In March 2024, the ERC said Aboitiz had a 22.47-percent national market share; San Miguel, 19.78 percent; and Meralco, 5.40 percent.In December 2024, the PCC approved Meralco PowerGen Corp. (MGen), and AboitizPower's Therma Natgas Power Inc. — through joint venture Chromite Gas Holdings Inc. — acquisition of a 67-percent equity interest in South Premiere Power Corp. (SPPC), Excellent Energy Resources Inc. (EERI) and Ilijan Primeline Industrial Estate Corp.In addition, MGEN, Therma and San Miguel Global Power, also through Chromite, jointly bought 100 percent of Linseed Field Corp. (LFC), a company that manages an LNG import and regasification terminal

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ERC to Re-evaluate Meralco Power Supply Agreements Following Joint AcquisitionThe Energy Regulatory Commission (ERC) will review the power supply agreements (PSAs) of the Manila Electric Company (Meralco) with SMC Global Power subsidiaries to ensure they comply with market share limitations after a recent joint acquisition of power facilities and an LNG terminal.
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