Energy Regulatory Commission (ERC) has granted its approval to Scatec ASA’s joint venture with Aboitiz Power (SNAP) in the Philippines to receive payments under the previously awarded rate of 2023 for its contingency reserve long-term ancillary services (AS) contracts.
Scatec provided deliveries from September 2023 onwards but the payments were based on a lower rate. Regulatory approval was needed for higher awarded rate of 2.25 PHP/kWh (previously 1.5 PHP/kWh). The new rates will be effective from July 2025 and past dues will be paid through periodic payments over next 12 months. The revenue received retroactively, approximately NOK 231 million, will be recognised in the second quarter 2025.
Scatec received the contract in the beginning of 2023.
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