THE Philippine Competition Commission (PCC) on Friday said binding voluntary commitments were secured from the Aboitiz group’s Cleanergy 9 Power Inc. with regard to the acquisition of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex.
Cleanergy acquired CBK from state-run Power Sector Assets and Liabilities Management (Psalm) Corp. last year and the safeguards cover the deal’s possible effect on the ancillary services spot market of the Luzon grid.The PCC noted concerns that the deal could give the Aboitiz Group the capability and incentive to engage in unilateral price increases amid potential constraints on reserve capacity during the interim period.It said that Aboitiz subsequently submitted voluntary commitments, which in turn were accepted, thereby leading to the acquisition’s clearance on Nov. 28, 2025.These require the group to file the complete tariff application for Kalayaan pumped storage power plant with the ERC within prescribed timelines, including an application for provisional authority or interim relief.The group must also seek temporary ERC approvals that will allow rates to take effect while the full tariff application is pending.The Aboitiz group also committed to pricing and capacity allocation levels in relation to offers in the reserve segment of the Wholesale Electricity Spot Market involving the Luzon grid.To ensure compliance, the commission said the conglomerate would appoint a senior competition compliance officer within 15 business days of its approval of the undertaking to monitor adherence to the commitments, oversee reporting and serve as the main liaison.“By securing targeted commitments in the Luzon ancillary services market during this transition, PCC is protecting consumers from undue price risks while ensuring reliability and fair competition,” PCC Chairman Michael Aguinaldo said.Cleanergy 9 Power Inc. is the project company of the Thunder Consortium that acquired the CBK complex.The consortium is composed of Aboitiz Power Corp. subsidiary Aboitiz Renewables Inc., Sumitomo Corp. and Electric Power Development Co. Ltd.The consortium formally acquired the power assets from Psalm in December 2025.Aboitiz Power shares rose by 35 centavos, or 0.8 percent, and closed at P44.35 on Friday amid a 0.44-percent rise for the benchmark Philippine Stock Exchange index.