Razon firm PrimeRES secures retail license

Razon firm PrimeRes secures retail license

Razon firm PrimeRes secures retail license

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MANILA, Philippines —Razon-led Prime Infrastructure Capital Inc. is making further inroads into the electricity business as the Energy Regulatory Commission (ERC) has granted a subsidiary the license to engage in the retail segment.

The company said on Tuesday çcan now enter into retail electricity supply agreements with large electricity end-users after completing the technical, financial, and administrative requirements of the regulator.

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“Part of our commitment in delivering socially relevant infrastructure is providing dependable energy that is accessible and affordable to people,” company president and CEO Guillaume Lucci said in a statement.

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“Through PrimeRES, we will be able to bring added value to our customers as they choose and negotiate their preferred retail electricity suppliers,” Lucci said.

Under the retail competition and open access (RCOA) regime, retailers like PrimeRES can cater to the electricity needs of contestable customers—those allowed to seek suppliers other than incumbent distributors in their areas—with big demand.

Through this mechanism, electricity end-users with an average consumption of at least 500 kilowatts in the preceding 12 months can switch to a retail electricity supplier to meet their energy requirements.

Promoting competition

RCOA is provided under the Electric Power Industry Reform Act to promote competition and ensure the successful restructuring and modernization of the energy sector.

Prime Infra said PrimeRES intends to diversify the group’s customer base from distribution utilities, electric cooperatives, and the wholesale electricity spot market, to an optimal retail customer demand portfolio mix,” the company said.

PrimeRES intends to source power supply from affiliate and non-affiliate firms, including Prime Solar which is another Prime Infra unit.

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Prime Solar has 128 megawatts of renewable energy capacity from its facilities in Tanauan City in Batangas province and Maragondon town in Cavite province.

Also, PrimeRES aims to support the electricity needs of other companies within the Razon Group, which has businesses in utilities, ports, construction, hospitality, and consumer services.

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TAGS: electricity distribution, Enrique Razon Jr.

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