SMGP unit wins bid to supply 200-MW electricity to Meralco

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February 18, 2026 | 12:00am

MANILA, Philippines — A subsidiary of tycoon Ramon Ang’s San Miguel Global Power (SMGP) has emerged as the apparent winner in the auction for Manila Electric Co.’s (Meralco) 200-megawatt (MW) baseload supply.

The Pangilinan-led power utility declared SMGP’s Sual Power Inc. (SPI) as the best bid after it submitted the lowest offer of P4.2955 per kilowatt-hour (kWh) to supply the entire baseload requirement.

SPI outbid five other power generation companies that submitted compliant offers on Monday, with the six firms collectively offering a total capacity of 531 MW.

The four-year supply deal resulting from this competitive selection process (CSP) is expected to help Meralco meet its obligations under the Renewable Portfolio Standards.

The policy requires utilities like Meralco to source a portion of their supply from eligible renewable energy plants.

“As in previous years, this CSP has successfully secured the required power supply for customers at the lowest possible cost, achieved through an open and transparent process,” said Lawrence Fernandez, chairman of Meralco’s bids and awards committee for power supply agreements.

In the auction, another SMGP unit, Mariveles Power Generation Corp., submitted the next lowest bid at P4.3805 per kWh for 200 MW, followed by Lopez-led BacMan Geothermal Inc. at P4.5187 per kWh for 35 MW.

Other bidders included San Manuel Solar Inc., which offered P4.5787 per kWh for 46 MW; ACEN Corp., with P5.2087 per kWh for 25 MW; and First Gen Hydro Power Corp., which bid P5.4906 per kWh for 25 MW.

Of the 15 companies that initially expressed interest, only these six proceeded to submit bids in the auction.

A post-qualification evaluation is set to be conducted before the issuance of a notice of award and the execution of the supply deal with SPI, which operates a 1,200-MW coal-fired power plant in Pangasinan.

For this latest Meralco CSP, even companies operating conventional plants were allowed to participate, but they would be required to offer financial guarantees in the form of renewable energy certificates.