Prime Infastructure Capital Inc. is set to join the retail electricity suppliers (RES) industry through PrimeRES Corporation to cater to the power needs of contestable customers.
In a Manila Bulletin report, Prime Infra filed documents to the Securities and Exchange Commission (SEC) to set up PrimeRES to serve the customer segment qualified to “exercise their power of choice” in choosing their own power suppliers.
While Prime Infra has not yet disclosed targets for its RES projects, it’s expecting intense competition from the power sector’s “big boys.”
Prime Infra is also preparing for the implementation of its different power plant projects, including its Terra Solar project with Solar Philippines which will provide 850 megawatts (MW) of mid-merit supply capacity to the Manila Electric Co. (MERALCO). The company is also offering 500 MW of mid-merit supply to MERALCO using a pumped storage hydropower project
The Enrique Razon-led company is also looking to build a 2,500 MW to 3,500 MW solar power facility with a 4,000 megawatt-hour (MWh) to 4,500 MWh battery storage system, which is said to be the “world’s largest solar power facility.”
Under the Retail Competition and Open Access (RCOA) customers with a peak demand of 500 kilowatts (kW) can choose their own power suppliers. By December, the Energy Regulatory Commission will implement the Retail Aggregation Program to allow consumers in a contiguous area also consuming 500kW to join RCOA.