Meralco (Photo credit: Wikipedia)Manila Electric Co. (Meralco), the country’s largest power distributor, is planning to buy more sub-transmission assets worth roughly P400 million.
In a public notice, the Energy Regulatory Commission (ERC) said Meralco is seeking approval to buy the assets from state-run National Transmission Corp. (TransCo).
“On April 17, TransCo and Meralco filed with the commission a joint application for approval of the sale of various sub-transmission lines/assets of TransCo within the franchise area of Meralco,” ERC said.
Under the sale contract, ERC said Meralco will buy the assets for P374.62 million, lower than the P380.94 million price agreed upon by the parties late last year.
Up for sale are the Dasmariñas-Rosario-Abubot 115-kilovolt (kV) line, the Rosario sub-station, Tayabas 115-kV switchyard and the Ternate substation equipment.
“Transco has evaluated and established that Meralco possesses the technical and financial capabilities to purchase, operate, maintain, upgrade and expand the subject sub-transmission assets,” ERC said.
Meralco is the country’s biggest power utility. It added 40,000 new customers in the first quarter, bringing the total to a record 5.07 million as of end-March.
Early this month, ERC allowed TransCo to sell sub-transmission lines and facilities worth P84.945 million to Meralco.
Specifically, Meralco acquired several 69- and 13.8-kilovolt (kV) transmission lines and substation equipment in Makban, Los Baños and Calamba, all in Laguna province.
The ERC, for its part, scheduled a public hearing prior to approving the deal. ERC’s approval is required prior to TransCo’s divestment of its properties.
“The commission has set the application for jurisdictionial hearing, expository presentation, pre-trial conference and evidentiary hearing on July 4,” ERC said.
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