ERC renews RES License of Premier Energy Resources Corp.

ERC Chairperson and CEO Zenaida G. Cruz-Ducut hands the RES license to Mr. Jeffrey C. Lim, Executive Vice President and Chief Finance Officer of Premier Energy Resources Corp. (PERC). Witnessing the awarding of the RES license are ERC Commissioners Gloria Victoria Yap-Taruc (leftmost) and Maria Teresa R. Castañeda (2nd from left), Jose C. Reyes (rightmost), Atty. Ryan San Juan, Vice President and Legal Counsel of PERC (2nd from right) and Mr. Jaime S. Patiño, Vice President of PERC (3rd from right).

The Energy Regulatory Commission (ERC), on 8 November 2011, renewed the Retail Electricity Supplier’s (RES) license of Premier Energy Resources Corp. (PERC), allowing it to continue to engage in the selling, brokering, marketing or aggregating electricity to contestable end-users. PERC is one among the sixteen (16) RES license grantees in the country. The renewed RES License of PERC is valid for five (5) years or up to 17 October 2016.

PERC is a private corporation owned by Premier Global Resources Corporation and was registered with the Securities and Exchange Commission (SEC) in February 2008. It was organized to serve as Retail Electricity Supplier to SM Group. It may also participate in electricity trading activities of other end-users and various generators who would enlist PERC’s services as its operation stabilizes.

PERC was first granted a RES License by the ERC in September 2008 under License No. 2008-09-004. PERC is headed by Mr. Hans T. Sy, President and Chairman; Mr. Jaime S. Patinio, Vice President; and Mr. Jeffrey C. Lim, Vice President and Treasurer.

The ERC, upon evaluation of PERC’s qualifications for getting its RES license renewed, found that it satisfactorily complies with the vital requirements which include: (1) technical and managerial resource capability; (2) financial capability; and (3) a sound five-year Business Plan. PERC sees the impending open access and retail competition to provide them with business opportunities. With the establishment of its mall operations, PERC sees the opportunity of becoming the licensed retail supplier of the SM Malls Group in Luzon and Visayas.

Based on the “Guidelines for the Issuance of Licenses to Retail Electricity Suppliers (RES), as Amended,” implemented under ERC Resolution No. 3 of 2006, a RES License originally had a validity period of three (3) years. However, the RES Guidelines were amended in January 2011 under ERC Resolution No. 1 wherein, among other changes, the life of a RES license was extended to five (5) years.

“The ERC requires a RES license renewal to ensure that the RES is still technically and financially viable to continue doing its business so as not the prejudice the public interest,” ERC Chairperson Zenaida G. Cruz-Ducut emphasized.

December 01, 2011

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