CONGLOMERATE San Miguel Corp., said that their power generation subsidiary has emerged with the best bid in Meralco's search for the supply of the 1,200 megawatts.

In a separate statement, Meralco said that San Miguel's South Premiere Power Corp (SPPC) submitted the lowest offer for the power distributor's baseload requirement.

"SPPC offered a total levelized cost of electricity rate at P7.0718 per kilowatt-hour (kWh) for the entire 1,200-MW requirement," the company said.

In the same breath, the venture of Limay Power Inc. and San Roque Hydropower Inc. had submitted the next best bid of P7.1006 per kWh for 150-MW capacity.

"For a capacity of 210 MW, First Natgas Power. Corp. (FNPC) offered a rate of P8.4489 per kWh," Meralco added.

According to the power distributor, the bids committee is set to conduct a post-qualification evaluation and submit its recommendation to Meralco’s Board.