MANILA Electric Co. (Meralco) has started the competitive selection process (CSP) for 500 megawatts (MW) of renewable energy (RE).

"The 10-year power supply agreement (PSA) resulting from this CSP will cover Meralco's 350-MW mid-merit requirement starting February 2025, which will increase by 150 MW beginning February 2026," it said on Monday.

The conduct of this CSP was said to be in compliance with the Department of Energy's renewable portfolio standards and formed part of Meralco's commitment to source an increasing portion of its supply requirements from RE sources.

Power generation companies have until June 7, 2024, to submit their expressions of interest.

A pre-bid conference will be held on June 17 and the bid submission deadline is on July 17.

Meralco said it had already contracted 1,880 MW of RE capacity from various suppliers, exceeding its initial target of 1,500 MW, as part of its long-term strategy.

The power company said that RE was expected to account for 22 percent of its supply portfolio by 2030.

Meralco shares rose by 0.7 percent to close at P371.60 each on Monday.

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