“The ERC warmly welcomes TPEC to the Philippine electric power industry. The registration of TPEC as a wholesale aggregator is an indication of the growing investor confidence in the electricity business in the country,” ERC Chairman Rodolfo B. Albano, Jr. said.

A wholesale aggregator is a person or entity duly authorized by the ERC to sell electricity to a distribution utility (DU) or a consortium/group of DUs.

TPEC registered with the Securities and Exchange Commission (SEC) on 11 August 1992 primarily to develop, design, construct, erect, assemble, commission, own, operate, maintain, rehabilitate and manage gas-turbine and other power generating plants and related facilities. The company amended its articles of incorporation to include the business of supplying and delivering electricity and providing services necessary in connection with the supply and delivery of electricity.

TPEC is a subsidiary of Team Energy Corporation which is a consortium between noted Japanese firms Tokyo Electric Power Company (TEPCO) and Marubeni that acquired the assets of Mirant Power Corporation in the Philippines. Team Energy Corporation has over 2,000 MW of generating capacity in the Philippines. The consortium also owns a 20% stake in the Ilijan natural gas project in Batangas. It has committed to continue providing a stable electricity supply to Metro Manila through long-term electricity purchase and fuel supply contracts with the National Power Corporation (NPC). Team Energy Corporation provides approximately 20% of the generating capacity in Luzon, including Manila.