The Energy Regulatory Commission (ERC) has allowed Premier Energy Resources Corp., led by Hans T. Sy, to sell, broker or market electricity to qualified customers under the upcoming open access and retail competition regime.
According to the ERC, it renewed the retail electricity supplier’s (RES) license of Premier Energy after it found it compliant with the vital requirements set by the agency, which included having technical and managerial resource capability, financial capability and a sound five-year business plan.
“The ERC requires a RES license renewal to ensure that the [company] is still technically and financially viable to continue doing its business so as not to prejudice the public interest,” noted ERC Chair Zenaida G. Cruz-Ducut.
Premier Energy was organized to serve as the retail electricity supplier to the SM Group. The company may also participate in electricity trading activities of other end-users and various generators who would enlist PERC’s services as its operation stabilizes.
“[Premier Energy] sees the impending open access and retail competition to provide them with business opportunities. With the establishment of its mall operations, [Premier Energy] sees the opportunity of becoming the licensed retail supplier of the SM Malls Group in Luzon and Visayas,” the ERC explained.
The renewed RES license of Premier Energy is valid for five years or up to Oct. 17, 2016. The company was first granted a RES license by the ERC in September 2008. Premier Energy is headed by Hans Sy, who serves as president and chair; Jaime S. Patinio, vice president, and Jeffrey C. Lim, vice president and treasurer.