TeaM Energy wants power deal with Meralco

TeaM Energy Corp. and its Japanese backers are interested in forging a joint venture Manila Electric Co. “We are willing to join. All of us, we’re standing in line," Federico Puno, TeaM Energy president, said Monday. Financed by Tokyo Electric Power Corp. (Tepco) and Marubeni Corp., TeaM Energy, as many other power generating companies are, is looking forward to signing a deal with Meralco. Meralco president Manuel Pangilinan earlier said the power utility intends to invest $2 billion to build power plants with total generating capacity of 1,500 megawatts. His vision was to bring down power generation to less than P5 per kilowatt hour. TeaM Energy operates the Pagbilao and Sual power plants, which Tepco and Marubeni bought as assets of Mirant Corp. in 2007. Puno said his company wants to expand its horizons in the power industry. — VS, GMANews.TV