GNPower is the first electricity supplier to comply with the ERC’s directive to secure a supplier’s license prior to marketing electricity.
"The awarding ceremony marks the dawn of the ultimate goal of the EPIRA, that is competition at the retail level," ERC chairman Rodolfo B. Albano Jr. said.
The awarding was held last July 19 at the ERC office in Ortigas Center, Pasig City.
With the ERC’s issuance of a supplier’s license to GNPower, the power firm can now legally engage in marketing activities for its retail electricity supply business and secure supply contracts with prospective end-users.
The Electric Power Industry Reform Act (EPIRA), mandates the ERC to issue licenses to electricity suppliers that will operate in the contestable market, which comprises end-users who will soon have a choice of an electricity supplier.
GNPower is a limited partnership registered with the Securities and Exchange Commission on Oct. 1, 1997.
The partnership was formed by Power Partners Ltd. Co. and PMR Holding Corp. as general and limited partners, respectively.
It has a 600MW clean-coal fired power plant currently being developed near the town of Mariveles, Bataan. The construction of said power plant is expected to commence in mid-2007 with planned commercial operation by the third quarter of 2010.
"This is another milestone in the emerging restructured electric power industry. Rest assured that the ERC will always adhere to its mandate and encourage the full participation of the stakeholders in the industry towards achieving the goals envisioned in the EPIRA,"Albano said. – Donnabelle Gatdula