Metering Subsidiary
By MYRNA M. VELASCO
June 19, 2012, 5:01pm
MANILA, Philippines --- Power utility giant Manila Electric Company (Meralco) has acquired 35-percent ownership in the local metering subsidiary of American firm General Electric, according to documents from the company.
It was culled that Meralco’s equity purchase is with General Electric Philippines Meter and Instrument Company Inc. (GEPMICI), which is engaged into selling metering products and services.
GEPMICI, it was noted, intends to serve the Philippine market for ANSI (American National Standards Institute)-type watt hour meters.
Meralco also had equity acquisition in the 215-megawatt Bauang Power Plant for 38-percent ownership as well as in Indra Philippines for 50-percent share.
“Indra Philippines supports Meralco’s information technology requirements in the area of system development, outsourcing of IS and IT operations and management consulting,” the utility firm has stressed.
It was indicated in the company’s annual report that the value of investments it poured in to these acquisitions, including its 47-percent shareholdings in 600-megawatt Redondo Peninsula coal-fired project totaled P844 million in 2011 alone.
For Bauang Power, the distribution firm made inroads on its equity acquisition following the turnover of the facility to the government and its eventual divestment to a private sector taker.
The most-watched development in the power generation portfolio shoring up of Meralco will be the construction of its Subic coal-fired plant. Its affiliate Meralco PowerGen will push the project forward into implementation.
Company officials have previously indicated that site preparation work for the proposed facility is on-going, while it addresses the more contentious concerns on the transmission component of the project.
Simultaneously, the project company is “awaiting submission by selected bidders of their engineering, procurement and construction bids.” source
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