MANILA, Philippines — The Manila Electric Company (Meralco), led by Manuel V. Pangilinan, announced it has secured the lowest offer from Sual Power Inc. (SPI) for its 200-megawatt (MW) baseload supply requirement.
Out of 15 firms that initially expressed interest, six generation companies with a combined offered capacity of 531 MW submitted compliant bids during the competitive selection process (CSP) held on February 16, 2026.
SPI emerged as the best bidder, offering P4.2955 per kilowatt-hour (kWh) for the full 200 MW requirement.
Other bids considered as possible next best offers came from Mariveles Power Generation Corporation at P4.3805 per kWh for 200 MW; Bac-Man Geothermal Inc. at P4.5187 per kWh for 35 MW; and San Manuel Solar Inc. at P4.5787 per kWh for 46 MW.
Also submitting bids were ACEN Corporation at P5.2087 per kWh for 25 MW, and First Gen Hydro Power Corporation at P5.4906 per kWh for 25 MW.
Meralco Bids and Awards Committee for Power Supply Agreements (BAC-PSA) chairman Lawrence S. Fernandez said the CSP secured the required supply at the lowest possible cost through an open and transparent process. Consumer groups observed the bid submission, which was also streamed live on Meralco’s YouTube page.
The BAC-PSA will conduct post-qualification proceedings before issuing a Notice of Award and executing the Power Supply Agreement, subject to approval by the Energy Regulatory Commission. The contract will support Meralco’s compliance with Renewable Portfolio Standards under rules set by the ERC and the Department of Energy.|
