Solar Philippines reportedly submitted the lowest rate to supply Manila Electric Co. (Meralco) with 50 megawatts (MW) of supply.
The company has yet to disclose its price since it will still undergo evaluation but noted it will be the lowest rate for solar energy in the history of Southeast Asia, and competitive with the lowest rates worldwide.
“Based on Meralco’s formula for levelized cost, our offer would result in over 50 percent savings on generation rates, or 30 percent savings on all-in rates. We look forward to see this bid progress, to protect consumers from the impact of spiraling inflation at the soonest possible time,” Solar Philippines president Leandro Leviste said.
Pilipinas Newton Energy Corp. previously held the lowest bid at P2.9887 per kilowatt-hour (kwh) with a two percent annual escalation for 50 MW of solar energy for 20 years starting December 31, 2018.
Solar Philippines said it is the only company to submit a price challenge and is waiting on whether the original proponent will submit a new bid to match.
“We are proud to support Meralco’s mission to deliver the lowest costs to consumers, by offering this significantly lower price,” Leviste said.
“This is a testament to the benefits of the Competitive Selection Process (CSP) reforms espoused by DOE Secretary Alfonso Cusi, which mandates power supply to be bid out on fair and competitive terms and prohibits distribution utilities from giving undue advantage to favored suppliers,” he added.