Citicore secures supply deal with Ayala Energy

Citicore Power Inc. has signed an electricity supply agreement for retail market with the Ayala group’s AC Energy Holdings Inc.

Citicore has informed the Philippine Stock Exchange that supply from AC Energy would be for the business of subsidiary Citicore Energy Solutions Inc. (Cesi), a retail electricity supplier .

Under the Retail Competition and Open Access (RCOA) scheme under the power industry reform law, consumers who represent a certain threshold of average monthly demand may choose suppliers other than the incumbent distributors.

“This will be a synergistic partnership between AC Energy and Citicore Power as we both share the same mission to employ excellence and technological innovation while preserving the environment through the use of clean and sustainable energy,” Citicore president Manolo T. Candelaria said.

“The partnership will revitalize AC Energy’s portfolio in preparation of the Renewable Portfolio Standards and the increasing demand of clean energy in the market,” Candelaria said. “We hope to explore more renewable energy partnerships of this kind moving forward.” —RONNEL W. DOMINGO