Manila Electric Co., the biggest retailer of electricity, has teamed up with Japan’s Marubeni Corp. to bring the lowest power distribution rate in the country to New Clark City.
The Meralco-Marubeni consortium composed of Meralco, Marubeni, Kansai Electric Power Co. Inc., and Chubu Electric Power Co. Inc. submitted a lower tariff bid of P0.6188 per kilowatt hour, besting the P0.9888/kwh proposal of the Aboitiz-Kepco partnership comprising of Olongapo Energy Corp. and Kepco Philippines Holdings Inc.
The bids were determined during the opening of technical and financial proposals held at the BCDA Corporate Center in Taguig City Tuesday.
Witnessing the event were representatives from the Asian Development Bank, BCDA’s transaction advisor for the project.
New Clark City is envisioned to be the first smart, green and sustainable metropolis in the country where locators and residents will enjoy low utility rates.
The BCDA earlier set the tariff ceiling for power distribution at P1.25/kwh.
BCDA senior vice president and chief finance officer Nena Radoc, also the chairperson of the joint venture selection committee, said the proposal of Meralco-Marubeni Consortium would undergo post-qualification process as part of due diligence before the awarding of the contract.
BCDA plans to sign the joint venture agreement with the winning partner by early next year.
New Clark City will have the first completely smart power grid in the country. Supported by state-of-the-art facilities comparable with other smart cities throughout the world, the New Clark City smart grid also has better reliability standards.
Locators can also enjoy access to real-time information from the distribution utility, allowing them to manage their electricity consumption more effectively.
Phase 1 of the New Clark City development includes the construction of the National Government Administrative Center and world-class sports facilities to be used for the Philippines’ hosting of the Southeast Asian Games in 2019.