GLOBAL Business Power Corp. (GBP) said it recently forged a deal to supply electricity to Century Peak Corp. (CPC) under the government’s retail competition and open access scheme.
In a statement, GBP said its retail energy arm Global Energy Supply Corp. will supply 57 megawatts (MW) of power to CPC under the five-year power supply agreement (PSA), the company’s largest contract to date.
CPC’s parent company Century Peak Metals Holdings Corp. (CPM) said in a disclosure that GBP will supply power to the company’s cement and steel plants in Pinamungahan, Cebu.
“This partnership underscores both GBP and CPC’s commitment to support the country’s infrastructure drive, as the government’s ‘Build, Build, Build’ program goes into full swing,” GBP Executive Committee Chairman Jose K. Lim said.
CPC Chief Executive Officer Wilfredo D. Keng said the company is looking forward to working with GBP to meet its energy requirements.
Retail Competition and Open Access or RCOA allows large electricity consumers in Luzon and Visayas with an average monthly peak demand of at least 1 MW to have the option to seek their own power suppliers.
GBP is a joint venture among Beacon PowerGen Holdings, Inc. (56%), JG Summit Holdings, Inc. (30%) and Meralco PowerGen (14%).
The power firm is present in the Visayas region and Mindoro Island through five subsidiaries namely Cebu Energy Development Corp., Panay Energy Development Corp., Toledo Power Co., Panay Power Corp. GBH Power Resources, Inc. and Global Energy Supply Corp.
Hastings Holdings, Inc., a. unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it also controls.
