Vivant unit gets RES license

MANILA, Philippines - Corenergy Inc., a subsidiary of Cebu-based Vivant Energy Corp., targets to sell 100 megawatts (MW) a year after it clinched a license to sell electricity to end users under the retail competition and open access (RCOA) scheme.

The Energy Regulatory Commission (ERC) said it awarded a retail electricity supplier (RES) license to Corenergy as it complied with the technical, financial, and administrative requisites proving the firm’s capability to operate and sustain the retail supply business.

Its primary purpose is to buy, source and obtain electricity from generating companies or from the wholesale electricity spot market (WESM) to sell, broker, market or aggregate electricity to the end users in the contestable market. 

“We welcome Corenergy Inc. to the retail supply business. Its presence will provide consumers with more choices of electricity suppliers,” ERC chairman and CEO Jose Vicente Salazar said.

Corenergy plans to sell an initial capacity of 100 MW in the first year, which would account for 2.35 percent market share of the total contestable customer demand.  

It aims to supply the power requirements of qualified industrial, manufacturing, and commercial customers located in Luzon and Visayas, and eventually in Mindanao once RCOA is declared there.

The company will procure power supply from a diverse mix of generation technology taking into account the dependability, costs implications, and location of these generation capacities.