THE BANK of the Philippine Islands (BPI) has tapped ACEN RES, the retail electricity supply arm of the Ayala group, for its power supply under the government’s expanded retail aggregation program (RAP).
BPI aggregated the power demand across its 70 branches, making it the first customer in the banking sector under the government program, the Energy Regulatory Commission (ERC) said in a statement on Monday.
“BPI’s participation in RAP sends a clear message to other banks and the entire financial sector: the retail electricity market is viable and offers real opportunities to enhance the bankability of energy projects,” ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said.
“My hope is that banks across the country will recognize the enormous potential in retail competition — that they are not just financiers of power projects, but also active contributors to the country’s energy security,” she added.
The enhanced RAP allows facilities owned by the same consumer within the same franchise area of a distribution utility to aggregate their demand to meet the 500-kilowatt threshold and select their power supplier.
BPI also moved its corporate office in Manila to renewable energy through the Green Energy Option Program (GEOP), a voluntary mechanism that allows electricity end-users to choose renewable energy as their power source.
BPI Chief Finance Officer and Chief Sustainability Officer Eric M. Luchangco emphasized that switching 70 branches to RAP is “just the beginning of the bank’s broader efforts to promote energy sustainability within its operations.” – Sheldeen Joy Talavera
