MANILA Electric Co. (Meralco) retail electricity supplier MPower on Tuesday said that it had signed a deal to power the Burgundy Corporate Tower.
The deal with Burgundy Realty Corp. and Burgundy Corporate Towers Office Owners Association Inc. will be for 100 kilowatts (kW), MPower said.
Burgundy Corporate Tower was said to be the first customer to avail of the Energy Regulatory Commission's Competitive Retail Electricity Market (CREM) following the lowering of eligibility threshold from 500 kW to 100 kW.
"By joining CREM, we can explore cost-saving options without requiring additional funding,” Burgundy Corporate Tower Property Manager Bernard Ortiz-Luis said in a statement.
Meralco Senior Vice President and MPower head Redel Domingo said, "The lowering of the contestability threshold is a major step in expanding access to CREM, giving businesses greater flexibility and control over their strategies.”
Shares of MPower parent firm Meralco fell by P13.00 to close at P577.00 each on Tuesday.
ED PAOLO SALTING