MPower to supply power for Makati office tower under CREM
MPOWER, the retail electricity supplier of Manila Electric Co. (Meralco), is set to provide the power supply requirements of a 38-storey office condominium in Makati City.
In a statement on Tuesday, MPower said it has signed power supply agreements with Burgundy Realty Corp. and Burgundy Corporate Towers Office Owners Association, Inc. to energize the property.
With the agreements, the building becomes the first customer to join the competitive retail electricity market (CREM) following the lowering of the eligibility threshold in June.
Last year, the Energy Regulatory Commission (ERC) approved lowering the minimum threshold for the retail market to 100 kilowatts (kW) from 500 kW.
“By joining CREM, we can explore cost saving options without requiring additional funding. Participating in this program and partnering with MPower will deliver meaningful cost savings for the building, making it a strategic and beneficial decision,” Burgundy Corporate Tower Property Manager Bernard T. Ortiz-Luis said.
With the planned transition, MPower said the establishment paves the way for other developments exploring smarter and more strategic energy solutions under the ERC’s new threshold.
“The lowering of the contestability threshold is a major step in expanding access to CREM, giving businesses greater flexibility and control over their strategies,” Meralco Senior Vice-President and Head of MPower Redel M. Domingo said.
“I’m thrilled that Burgundy Corporate Tower is leading the way as a pioneer, setting a strong example of forward-looking energy management while fully leveraging the benefits of increased market competition,” he added.
MPower serves contestable customers, including large corporations within Meralco’s franchise area, and currently holds more than a 25% share of the CREM within Meralco’s coverage.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
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