Mining, cement, steel, and minerals development company Century Peak Corp. (CPC) inked a five-year power supply deal with Global Business Power Corp.’s (GBP) retail energy supplier Global Energy Supply Corp. (GESC).
GESC will be supplying CPC 57 megawatts of power as agreed under the Energy Regulatory Commission’s Retail Competition and Open Access (RCOA) scheme.
The scheme, which is a provision of the Electric Power Industry Reform Act, gives liberty in choosing preferred electricity suppliers to “contestable consumers” peaking demand falls within the threshold level of contestability.
“Century Peak is one of the country’s leaders in cement and steel manufacturing. We thank them for their trust in us and our new vision to become a total sustainable energy solutions provider.” GBP President Jaime T. Azurin said in a BusinessMirror report.
According to GBP, the deal with CPC is their largest retail contract supply to date. They added that this deal also shows both their and CPC’s commitment in the current administration’s “Build, Build, Build” program.
“As we continue to support the country’s infrastructure drive through our operations, we look forward to working with GBP to help meet our energy requirements,” CPC CEO Wilfredo D. Keng said
The government has reserved a P 910 billion equivalent to 4.7 percent of the country’s gross domestic product for infrastructure spending for 2019 as per the Department of Budget and Management. This allocation is projected to hit the P1-trillion mark by 2010 reaching P 1.81 trillion by 2022.
As of November last year, 44 projects are active and currently in various stages of implementation with 28 expected to be completed by 2022 said National Economic and Development Authority.