First Gen Corp. said its subsidiary, First NatGas Power Corp. (FNPC) secured the approval of the Energy Regulatory Commission (ERC) for a power supply agreement (PSA) with the Manila Electric Co. (Meralco).
FNPC said the joint PSA application was filed as early as March 2018.
Likewise, in its decision, the ERC granted final approval of the PSA and affirmed the applicable rates under the provisional authority granted by the regulatory body in a June 2018 order, subject to certain modifications and conditions.
Back then, the ERC allowed FNPC to supply Meralco with 414 megawatts (MW) worth of electricity from the San Gabriel combined-cycle natural gas-fired power plant for a rate of P3.7121 per kilowatt-hour.
First Gen has a combined capacity of 3,495 MW with a portfolio including natural gas, geothermal, hydro-electric, wind and solar power capacity.
Based on data from the Department of Energy, the company also had the third biggest share in installed generating capacity in the entire country equivalent to 15 percent of the entire mix as of April 2021.
