Written by Madelaine B. Miraflor Published on 03 November 2012
Upon earning P13.6 billion in the first nine months of the year, Manila Electric Co. (Meralco), through its wholly owned subsidiary Meralco PowerGen Corp., is exploring options on its re-entry into the power generation business.
In a statement, Meralco PowerGen said that it is exploring additional coal and Liquefied Natural Gas (LNG)-fired power generation opportunities of potentially up to 2,100 megawatts (MW) beyond 2016, to meet the load growth and power plant replacement requirements of Meralco’s franchise area and the Luzon Grid.
Power generation will be the company’s long-term game changer, providing Meralco the vehicle for complementing its power supply contracting for more competitive prices for its customers, the company said.
“Our strategic intent is to build new, highly fuel-efficient, environmentally sound and reliable combined cycle baseload and mid-merit plants of up to 2,700 MW over the next five years, mindful of the Department of Energy supply and demand outlook as well as the company’s load growth target areas to spur national development,” said Meralco President and Chief Executive Officer Oscar Reyes.
He added that Meralco aims to continue to look for opportunities in the grids outside Luzon, and potentially even outside the Philippines, to enhance the company’s profitability and showcase the technical competency of their employees.
Meralco PowerGen has a 47 percent-interest in Redondo Peninsula Energy Inc. (RP Energy), which has completed site preparation for the eventual construction and operation of 2x300 MW circulating fluidized bed (CFB) coal-fired power plants in Sitio Naglatore, Batangay Cawag, Subic Freeport Zone, Zambales province.
“This is Meralco’s initial venture in its re-entry into the power generation business. Development activities are continuing with the aim of bringing the first 300 MW plant into commercial operations by the first half of 2016 and the next 300 MW six months after,” a company statement said.
Government’s partner
Meralco Chairman Manny Pangilinan said that the recent hike by the World Bank of the country’s growth forecast demands much from businesses. source
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