The retail unit of Global Business Power Corp. (GBP) signed a 4-megawatt power supply deal with Global Estate-Resorts Inc. (Geri) for the latter’s 140-hectare township in Boracay, the Boracay Newcoast.
According to GBP, the arrangement between its subsidiary, Global Energy Supply Corp., and the Megaworld subsidiary was being done through the retail competition and open access (RCOA) scheme of the Energy Regulatory Commission.
Under the Electric Power Industry Reform Act, “contestable customers,” or those whose peak demand fall within the threshold level of contestability—at a minimum of 1 MW at present—are allowed through RCOA to freely choose their electricity supplier other than the incumbent utility in their area.
“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 Azurin said in a statement.
Azurin noted that Geri was currently developing its first master-planned community in the island, which would consist of five districts, namely 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, as this partnership is seen to further boost the tourism sector,” Azurin said.
Two subsidiaries of GBP operate power facilities on Panay Island. Panay Energy Development Corp. has a 167.4-MW coal-fired power plant while in Iloilo City.
Also, Panay Power Corp. has four fuel oil-fired power plants, including a 7.5-MW plant in Nabas and a 5-MW plant in New Washington— both in Aklan.