Manila Electric Co. (Meralco) is on the lookout for more deals with renewable energy companies after it received an offer from two solar farm developers for electricity supply at P5.39 per kilowatt-hour, which are way below the current subsidized rate for solar energy.

“We always continually review our portfolio,” said Lawrence S. Fernandez, head of Meralco’s utility economics.

“We’re waiting for other proponents if they can beat the price that was offered,” he said, referring to proposed power supply agreement from two solar power developers.

Meralco, the country’s biggest distribution utility, received power supply offers from Solar Philippines Tanauan Corp. and PowerSource First Bulacan Solar, Inc., for which it asked a “price challenge” from other suppliers as required by the Energy Regulatory Commission.

“They have around a month to submit alternative offers,” he said. “We’ll have to wait for the deadline.”

The offered price is P3.3 lower than the guaranteed feed-in-tariff (FiT) of P8.69 per kilowatt-hour (kWh) awarded to developers during the second round of installation target set by the Department of Energy for solar energy.

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