Manila Times.net
By Euan Paulo C. Añonuevo, Reporter
MANILA Electric Co. (Meralco) expects its sales to taper off this year following the record growth of last year.
Oscar Reyes, Meralco chief operating officer, said the utility’s electricity sales grew by 10 percent in 2010, its fastest expansion in 13 years compared with the 2.2 percent average over the previous five years.
“Expectations for 2011 are not as robust. However, growth in electricity consumption will still be healthy and while this has been forecast to grow in the medium-term by around 3.6-percent annually, we may expect a pleasant surprise if the economy continues to outperform,” Reyes said.
The company’s modest growth target comes on the heels of the regulator’s decision to slash Meralco’s sought-after rate increase for this year.
Oscar Reyes, Meralco chief operating officer, said the utility’s electricity sales grew by 10 percent in 2010, its fastest expansion in 13 years compared with the 2.2 percent average over the previous five years.
“Expectations for 2011 are not as robust. However, growth in electricity consumption will still be healthy and while this has been forecast to grow in the medium-term by around 3.6-percent annually, we may expect a pleasant surprise if the economy continues to outperform,” Reyes said.
The company’s modest growth target comes on the heels of the regulator’s decision to slash Meralco’s sought-after rate increase for this year.
The Energy Regulatory Commission earlier approved an increase in Meralco’s basic rate of P1.65 per kilowatt-hour. This represents a P0.15 per kilowatt-hour adjustment from Meralco’s distribution rate of P1.49 last year.
The adjustment is in line with Meralco’s entry into the third regulatory period under the performance-based regulatio.
The approved increase in Meralco’s distribution charge, however, is a peso lower than what the utility had applied for.
Despite the cap on its rate increase, Meralco has lined up P45 billion in investments in its network and customer service infrastructure from 2012 to 2015.
“Our residential customers are demanding minimized power outages or brownouts, increased capacity to meet their load requirements, faster energization, and a more efficient customer service response. These are consistent with their aspirations for a higher quality of life and better living standards.” Reyes said.
Meralco shares closed at P228.6 apiece on Monday, up from P222 on Friday.
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