In April 2008, AES expanded into the Philippines with the purchase for $ 930 Million of the 600 MW Masinloc Coal-Fired Thermal Power Plant pursuant. The sale and privatization of the assets of the National Power Corporation (NPC) is one of the major reform agenda of the Electric Power Industry Reform Act of 2001 (EPIRA).
This acquisition is a key component of AES’s strategy to invest in areas where there is a significant need for operational excellence of existing capacity and for new generation capacity. The acquisition offered an excellent entry point into the competitive power market by refurbishing and rehabilitating the Masinloc plant to become one of Luzon’s most cost-effective, reliable and efficient base-load plants.
With ERC licenses for supply to the wholesale and contestable markets and for supply aggregation, the company supplies its 600 MW capacity to distribution utilities (private utilities and electric cooperatives), large industrial end-users, and the wholesale electricity spot market (WESM) in Luzon.
AES Philippines is able to provide reliable supply at competitive rates from a menu of products from which customer may choose supply arrangements suitable or customized for their specific needs.