Prime Infra subsidiary gets ERC license to sell electricity
By Manila Standard Business – May 21, 2024, 8:30 pm
PrimeRES Energy Corp., a wholly-owned subsidiary of Prime Infrastructure Capital Inc. of businessman Enrique Razon Jr. received a retail electricity supplier (RES) license from the Energy Regulatory Commission (ERC).
The ERC license allows PrimeRES to enter into retail electricity supply agreements with large electricity end-users which include contestable customers with an average monthly peak demand of 500 kilowatt and is a participant in the Retail Competition and Open Access (RCOA) scheme.
PrimeRES obtained its license after complying with the technical, financial, and administrative requisites which proves its competence to operate and sell electricity to end-users under the RCOA.
“Part of our commitment in delivering socially relevant infrastructure is providing dependable energy that is accessible and affordable to people. Through PrimeRES, we will be able to bring added value to our customers as they choose and negotiate their preferred retail electricity suppliers,” said Prime Infra president and chief executive Guillaume Lucci.
PrimeRES aims to diversify Prime Infra’s customer base from distribution utilities, electric cooperatives and the wholesale electricity spot market (WESM), to an optimal retail customer demand portfolio mix.
It aims to source the electricity it will sell from affiliate and non-affiliate firms, including a portion of Prime Solar, another Prime Infra subsidiary, which has a 128-megawatt capacity of clean and renewable power from its solar in Tanauan, Batangas and Maragondon, Cavite, and other future Prime Infra development projects.
Prime Infra through PrimeRES also aims to support the electricity needs of other companies within the Razon Group with businesses in the areas of utilities, ports, construction, hospitality and consumer services.
“We are going to implement this along with the vision to create a synergy between Prime Infra and the Razon Group of Companies to maximize value to our stakeholders,” Lucci said.
“Prime Infra believes that PrimeRES, as one of its key business units, can help support the national government’s overall development plan to achieve energy security and resilience, while offering an integrated power solution to contestable customers,” said PrimeRES president and general manager Daniel Arago.
Prime Infra builds assets that support the most urgent sustainability priorities—energy, access to clean water and waste management.
