MANILA, Philippines - A change of the guards marked the annual stockholders meeting of Manila Electric Co. (Meralco) yesterday.
Businessman Manuel V. Pangilinan was elected as the new chairman, replacing Manolo Lopez, while former chief operating officer Oscar Reyes became the president and chief executive.
Lopez, 69, stepped down from his post in the country’s largest power distributor to focus on his responsibilities as Philippine ambassador to Japan.
“I leave this company with full confidence on Mr. Pangilinan,” Lopez said. “I believe that Meralco will continue to be the country’s premiere utility company.”
Lopez was the chairman and chief executive of Meralco until 2010, following Hong Kong-based First Pacific Co. Ltd.’s acquisition of almost all shares of First Philippine Holdings Corp. (FPHC) in the power distributor. To date, FPHC owns only 3.9 percent of Meralco while the First Pacific group owns around 48 percent.
First Pacific chief executive and managing director Pangilinan then took over the chief executive post while Lopez remained as chairman.
For its expansion, Meralco is looking at acquiring local distribution utilities and bringing in foreign partners for its power generation projects, officials said.
“We are open to partnering with the party that will bring us the best strategic value,” Reyes said.
“Right now, we are hoping to conclude feasibility studies by the second half of this year, after which we will determine the steps we will have to take,” he added.
Meralco is reportedly looking at partnering with a Japanese firm for a 1,500-megawatt (MW) natural gas plant in Southern Luzon.
Reyes said Meralco is looking at a foreign partner with the technical capacity and can provide the fuel requirements of the power plant.
Meralco, through unit Meralco PowerGen Corp., is also building a 600-MW coal-fired power plant in Zambales in partnership with Aboitiz Power Corp. and the local unit of Taiwan Cogeneration International Corp.
For acquisitions, Meralco wants to buy other distribution utilities in adjacent areas.
Pangilinan said Meralco actively looking at a dozen firms, most of which are electric cooperatives.
Meanwhile, Meralco expects to lower electricity costs by 50 centavos per kilowatthour (kwh) in the long term through new power supply contracts.
Pangilinan said new power supply agreements already assure customers with stable power supply.
Rates under the contracts will be lower by 10 percent, which will translate to 50 centavos per kwh savings for customers in seven to 10 years, Pangilinan said. source
Businessman Manuel V. Pangilinan was elected as the new chairman, replacing Manolo Lopez, while former chief operating officer Oscar Reyes became the president and chief executive.
Lopez, 69, stepped down from his post in the country’s largest power distributor to focus on his responsibilities as Philippine ambassador to Japan.
“I leave this company with full confidence on Mr. Pangilinan,” Lopez said. “I believe that Meralco will continue to be the country’s premiere utility company.”
Lopez was the chairman and chief executive of Meralco until 2010, following Hong Kong-based First Pacific Co. Ltd.’s acquisition of almost all shares of First Philippine Holdings Corp. (FPHC) in the power distributor. To date, FPHC owns only 3.9 percent of Meralco while the First Pacific group owns around 48 percent.
First Pacific chief executive and managing director Pangilinan then took over the chief executive post while Lopez remained as chairman.
For its expansion, Meralco is looking at acquiring local distribution utilities and bringing in foreign partners for its power generation projects, officials said.
“We are open to partnering with the party that will bring us the best strategic value,” Reyes said.
Meralco is reportedly looking at partnering with a Japanese firm for a 1,500-megawatt (MW) natural gas plant in Southern Luzon.
Reyes said Meralco is looking at a foreign partner with the technical capacity and can provide the fuel requirements of the power plant.
Meralco, through unit Meralco PowerGen Corp., is also building a 600-MW coal-fired power plant in Zambales in partnership with Aboitiz Power Corp. and the local unit of Taiwan Cogeneration International Corp.
For acquisitions, Meralco wants to buy other distribution utilities in adjacent areas.
Pangilinan said Meralco actively looking at a dozen firms, most of which are electric cooperatives.
Meanwhile, Meralco expects to lower electricity costs by 50 centavos per kilowatthour (kwh) in the long term through new power supply contracts.
Pangilinan said new power supply agreements already assure customers with stable power supply.
Rates under the contracts will be lower by 10 percent, which will translate to 50 centavos per kwh savings for customers in seven to 10 years, Pangilinan said. source
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