Written by Madelaine B. Miraflor Reporter Published on 05 February 2013
SINGAPORE: With its ongoing and planned long-term projects, Manila Electric Company (Meralco) has estimated its capital spending peaking at P95 billion from 2013 to 2019.
“We are estimating a total capital expenditure investment of P 94.7 billion from 2013 to 2019 [that] would power the nation to sustain its growth trajectory, leading to a brighter and more progressive Philippines,” Oscar Reyes, Meralco president, said.
He enumerated the projects that Meralco has in its pipeline and said that they are in “full gear to make all of these plans a reality, with our firm commitment to pursue these projects and bring our growth pillars to the forefront of building the country.”
Reyes added that the P95 billion long-term capital investment is still subject to regulatory approval.
He said that some of the four pillars that will serve as Meralco’s business guide up to 2021 are the distribution utility (DU) growth and boost in power generation, specifying that the company is looking to spend around P30 billion for its power generation business up to 2019.
“Through Mgen or Meralco Generation, we will have the Redondo Plant in Subic in 2015 and more are planned to meet our customers’ growing needs,” Lopez said.
For the total project cost for its power generation business, Reyes said that Meralco may spend around $4.5 million from project financing.
Franchise expansion is also one of the things that Meralco is targeting in the next six year.
“We are in talks with other franchise holders on possible cooperation agreements,” Reyes said, noting that Meralco is interested to start talks with electric cooperatives locally and globally.
On that note, he mentioned about business prospects in countries like Vietnam. For the smart grid eco system, Reyes specified that the 2013 to 2019 capital expenditure for that will be P12.98 billion.
He also mentioned that Meralco will remain keen and focused on its prepaid electricity project, as well as in its investment program for electric vehicles.
For its 2012 performance, Reyes said that Meralco turned in better results, although he did not give details on the firm’s financial gains.
“[The year] 2012 was an excellent year for both the country and for Meralco,” he said, adding some significant factors like Meralco’s securing negotiated power supply agreements with power generators that decreased the per kilowatt hour rates by 19 centavos in 2013, as well as extended Transition Supply Contracts to ensure power supply. source
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