GLOBAL Business Power Corp. (GBP) said Friday that its retail electricity supply business signed a 4-megawatt (MW) contract to supply power to a township in Boracay.
The contracting parties are GBP unit Global Energy Supply Corp. (GESC) and Global Estate-Resorts, Inc. (GERI), which is behind the 140-hectare Boracay Newcoast.
“Our partnership with GERI comes at such an exciting time, as this retail supply agreement harnesses the synergy between the energy and real estate sectors and is well-positioned to tap into the country’s dynamic tourism sector,” GBP president Jaime T. Azurin said in a statement.
He said the partnership could further boost the tourism sector. He noted GBP’s commitment to boost its service offerings to clients as it aims to become a total sustainable energy solutions provider.
GERI, a subsidiary of Megaworld Corp., is currently developing its first master-planned community on the island, which will consist of five districts: Newcoast Village, Oceanway Condominiums, Savoy, Belmont and Chancellor Hotels, Boracay Town Center, and Newcoast Station.
“We are proud to share with GERI the same passion for nation-building,” Mr. Azurin said.
GBP quoted GERI President Monica T. Salomon as saying: “We thank GBP for helping us meet our energy requirements in Boracay and we are excited to harness opportunities for mutual growth.”
The power supply deal between GESC and GERI is made possible by regulations on retail competition and open access (RCOA), a requirement of Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001, the law that restructured the energy sector.
RCOA allows contestable customers, or those whose average peak demand for the past year reached the threshold set by the Energy Regulatory Commission, to freely choose their electricity supplier. — Victor V. Saulon
Source: Business World