San Miguel’s power arm confident it will meet financial obligations
San Miguel’s power arm confident it will meet financial obligations despite continued losses
SMCSMC Global Power Holdings Corp. (SMCGP) assured it would be able to fulfill its financial obligations despite continuing to suffer losses due to surging coal costs and from the Malampaya gas constraints.
“Based on the company’s internal evaluation, SMCGP and its subsidiaries will remain compliant with its financial covenants under all existing loan agreements and other debt instruments,” San Miguel Corp. told the Philippine Stock Exchange.
The Energy Regulatory Commission (ERC) has denied the joint motions for price adjustment filed by the Manila Electric Co. (Meralco) and South Premiere Power Corp. (SPPC) for a temporary price hike.
“Nonetheless, these are not expected to have a material adverse effect on the consolidated financials of the company as well as in the operations and financials of SMCGP and its subsidiaries,” SMC said.
SMC said any termination of the PSAs would take effect 60 days from the receipt of the ERC order.
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