ERC
lists GNPower as the 7th Wholesale Aggregator
|
ERC
Chairman and CEO Rodolfo B. Albano, Jr . (center from left) awards the
Certificate of Registration (COR) as Wholesale Aggregator to GNPower Chairman
and CEO, Mr. Daniel Chalmers. Witnesses to the awarding of the COR are
(from left) ERC Commissioners Alejandro Z. Barin, Rauf A. Tan, Jose C.
Reyes, and GNPower Vice President Mr. Ariel P. Punzalan. Also present
are (from right to left) GNPower Legal Assistant, Ms. Marie France P.
Nabua, Atty. Lourdy Torres, General Counsel, and Mr. Arnel Bilaoen, Vice
President for Sales & Marketing. |
The Energy Regulatory Commission (ERC)
awarded a Certificate of Registration to GNPower Ltd. Co. (GNPower) as the Philippines’
7th Wholesale Aggregator (WA). “The entry of GNPower in the roster of
WAs is very encouraging since it will promote competition by providing more
supply options to distribution utilities (DUs). Small electric cooperatives’
electricity consumers will benefit through reduced power costs,” ERC Chairman
and CEO Rodolfo B. Albano Jr. said. GNPower will be competing with the six (6)
other WAs earlier listed, namely: Trans-Asia Oil and Energy Development Corp.,
First Cabanatuan Ventures Corp. (FCVC), Aboitiz Energy Solutions, Inc. (AESI),
First Gen Energy Solutions Inc., Angeles Power, Inc. (API), and iN2Power, Inc.
GNPower is a limited partnership organized
in January 2002 purposely to develop, operate, and own a power generation project
and a transmission line to be located in the Philippines. GNPower also renders
technical and consulting services in the area of power generation, transmission
line, and related activities for the development and expansion of its business.
At present, GNPower is developing 600 MW clean coal-fired
power plant near the town of Mariveles in the Province of Bataan with planned
commercial operation in 2011. The facility’s expected total production
is approximately 4,500 GWh for the projected 50-year economic useful life.
As a WA, GNPower is authorized to engage
in the consolidation of electric power demand of DUs for the purpose of purchasing
and reselling electricity on a group basis. The EPIRA provides that the ERC
may authorize other similar entities to become eligible members, either directly
or indirectly, of the wholesale electricity spot market (WESM).
GNPower has executed forward contracts,
considered as bilateral power supply contracts, with 13 DUs which are scheduled
to commence in 2011. The said existing forward contracts with 13 DUs are also
its prospective customers for its wholesale aggregation business. GNPower targets
to serve: (1) DUs for its Captive Market; (2) Contestable Market Customers as
a Retail Electricity Supplier; and (3) Wholesale Electricity Spot Market (WESM)
all in the Luzon market. GNPower was the first recipient of an ERC Retail Electricity
Supplier (RES) license in July 2006.
“Wholesale
aggregation is one innovative concept which has emerged as the electric power
industry shifts to a competitive structure. The ERC will pursue its mandate
to the fullest to promote competition, encourage market development and ensure
customer choice,” Chairman Albano concluded.
October
24 , 2007
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