THE Energy Regulatory Commission (ERC) said on Friday it has awarded Retail Electricity Supplier’s (RES) licenses to three power firms as of July 19.
The three companies that were granted RES licenses are FDC Retail Electricity Sales Corporation (FDC Corp.), Millennium Power RES, Inc. (Millennium RES), and Manta Energy, Inc. (Manta).
The licenses were issued in view of their capability to sustain their respective retail supply businesses and their compliance with the technical, financial, and administrative requirements to obtain the subject license, the ERC said.
“The ERC will constantly monitor the adherence of Manta, FDC RES Corp., and Millennium RES to the terms and conditions attached to the RES License, and to ensure their adherence to best business practices in retailing electricity services,” ERC chairman and CEO Jose Vicente Salazar said in a statement.
Manta (formerly IN2Power, Inc.) registered with the Securities and Exchange Commission (SEC) on 21 May 2007 and amended its registration on 25 January 2011 to reflect the change of name of the corporation. Manta is a wholly-owned subsidiary of Emerging Power, Inc., the owner of the wind-solar power plant in Subic Bay, Freeport Zone, Zambales.
FDC RES Corp. (formerly ECO Renewable Energy Holdings, Inc.) registered with the SEC on 16 November 2009. It is a wholly-owned subsidiary of FDC Utilities, Inc., established to act as the holding company for all the utility projects of the Filinvest Group, and an IPP administrator for the 40 MW strips of energy of the Unified Leyte Geothermal Power Plants.
Millennium RES registered with the SEC on 24 May 2013. It is a wholly-owned subsidiary of Millennium Energy, Inc., the owner and operator of the 85 MW Millennium gas turbine power plant located in Navotas City.
The grant of RES licenses to Manta, FDC RES and Millennium RES enhances the power of choice of contestable customers through the establishment of websites that provide updated information on average electricity prices and value-added services.
This will ensure that contestable customers make informed choices on their power suppliers, the ERC said.