Meralco group sets P 100-B kitty for green efforts
Power utility giant Manila Electric Co. (Meralco) has earmarked P100 billion to fund its sustainability programs until 2030, pledging to enhance its distribution network and grid reliability while promoting the use of clean energy.
Among the projects that will be prioritized for funding are the reduction of system losses, energy efficiency solutions and expansion of electric vehicle fleets and infrastructure.
“With sustainability deeply embedded in Meralco’s operations and long-term plans, we are proud to commit over P100 billion in capital expenditures to initiatives that not only enhance our infrastructure but also align with the government’s vision for a sustainable future,” Ronnie Aperocho, Meralco chief operating officer and executive vice president, said in a statement over the weekend.
The company likewise plans on securing 1,500 megawatts (MW) of renewable energy supply contracts, and developing 1,500 MW of green power generation capacity through its wholly owned subsidiary MGen Renewable Energy Inc.
Funds will also be allocated to promote solar energy solutions for homes and businesses through MSpectrum Inc., its solar power subsidiary.
Currently, 85 percent of the solar power capacity of MSpectrum comes from installations within the Meralco franchise area, including office buildings and other facilities.
MSpectrum president and chief executive Ma. Cecilia Domingo earlier told reporters that they planned on beefing up their portfolio by 30 MW this year from about 60 MW.
Meralco is also set to further bolster its social development projects—energizing rural health centers and launching water access projects and livelihood programs—through One Meralco Foundation.
“As we pursue our decarbonization strategies, we envision a thriving society with access to education, clean water, quality health care, dignified livelihoods and disaster preparedness—all in alignment with the United Nations’ Sustainable Development Goals,” Meralco chair and CEO Manuel Pangilinan said.
Meralco’s net income in the first nine months of 2023 jumped by 44 percent to P28.4 billion due to higher distributed energy volumes and better performance from its power generation business.
The company is set to announce its full-year earnings today, Feb. 26.
