SOLAR panel provider Solar Philippines said on Thursday that Manila Electric Co. (Meralco) consumers may enjoy as much as a 30 percent reduction in power rates soon if its proposal to the distribution utility is approved.
Solar Philippines said it submitted to Meralco a proposal seeking to replace planned coal plants with solar battery farms under the company’s 5,000-MW (megawatt) Solar Plan.
Last June 28, Meralco published an invitation to other renewable energy suppliers to bid in a competitive selection process (CSP) for the supply of 85 MW to challenge a proposal priced at P3.50 per kilowatt hour (kWh). The P3.50 per kWh offer was submitted by Citicore Power Inc. to Meralco.
Although the proposed rate is yet to be divulged next week, Solar Philippines President Leandro Leviste said it should be the lowest actual generation cost in the Philippine history.
“We hope this price will signal that solar battery farms offer the least cost for the Philippines, such that even fossil fuel companies will convert to solar, to improve their returns through lower costs,” Leviste added.
Meralco has pending applications with the Energy Regulatory Commission for the approval of power supply agreements with Solar Philippines and with PowerSource First Bulacan Solar Inc. for the supply of 50 MW each.
Sought for comment, Meralco spokesperson Joe Zaldarriaga only said the CSP for the 85 MW was still ongoing and has yet to be concluded.
Solar Philippines earlier announced it will begin exporting solar panels through original equipment manufacturer (OEM) contracts with suppliers from China, for export to the United States and Europe.