The Philippine Competition Commission (PCC) has approved a USD3.3 billion joint acquisition by Meralco PowerGen Corporation (MGEN), Therma Natgas Power Incorporation (Therma), and San Miguel Global Power. Through their joint venture (JV), Chromite Gas Holdings, the companies will gain a 67 per cent stake in South Premiere Power Corporation (SPPC), Excellent Energy Resources Incorporation (EERI), and Ilijan Primeline Industrial Estate Corp. They will also acquire 100 per cent of Linseed Field Corporation (LFC), which operates an LNG terminal in Batangas City. This acquisition is expected to support energy security and reduce coal dependency in the Philippines.
The PCC has imposed conditions to ensure competition, including independent operations of acquired firms, transparent bidding for power supply agreements, and strict oversight of market practices. The companies must report outages and market activities to the PCC and appoint compliance officers to monitor adherence to competition rules. These measures will remain in effect for five years, with potential penalties for violations.