BIZ BUZZ: Big malls trim power costs amid oil crisis

Retail giants in the Philippines have turned to energy efficiency, saving over P200 million in power bills, as jitters linked to the Middle East war persist.

The Department of Energy (DOE) lauded the 23-megawatt energy savings achieved by a total of 158 malls, led by major firms Araneta Malls, Megaworld Lifestyle Malls, SM Supermalls, Power Plant Mall (Rockwell), Robinsons Malls and Ayala Malls.

The power cost savings, logged in just 19 days after shortening their operating hours, came as President Marcos declared a state of national energy emergency late in March due to surging fuel prices in the local market, as well as the threat to supply amid the uncertainties in the oil-producing region.

Government officials earlier said the spike in oil prices would also lead to higher electricity rates.

Since the war broke out on Feb. 28, local pump prices have been booking double-digit increases, particularly for diesel. Diesel alone has so far increased by more than P100 a liter.

But the two-week ceasefire between the United States and Iran has led to rare rollbacks this week, with oil giant Shell Pilipinas implementing the biggest cut among local fuel retailers at up to P23 a liter.

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Meanwhile, the DOE said participating malls continue to advance the deployment of their rooftop solar systems and engage in the government’s green energy option program, an initiative meant to scale up renewables’ share in the power mix.

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