Iris Gonzales (The Philippine Star)
- May 29, 2019 - 12:00am
MANILA, Philippines — Manila
Electric Co. (Meralco) is in talks with nearly a dozen renewable energy firms
to beef up its power supply portfolio, its new president and CEO Ray Espinosa
said yesterday.
Espinosa formally took the reins
of Meralco following the power giant’s 56th annual shareholders
meeting. He replaced Oscar Reyes who served as Meralco president
and CEO for nine years.
Reyes received a standing ovation
from the crowd of shareholders and company executives as he gave his farewell
report yesterday and thanked Meralco chairman Manuel V. Pangilinan and the
whole Meralco community for the opportunity to serve and lead the power firm.
In a press briefing following the
shareholders meeting, Espinosa said as the new president, he would continue the
direction that has already been set in place under the leadership of
Reyes, consistent with the utility firm’s mandate of ensuring the proper
distribution of power to its franchise area at the least cost.
There are also plans to expand in
other parts of the country.
“We want to expand in the
Philippines,” Espinosa said.
He said Meralco is presently in
talks with a number of solar, wind and natural gas proponents for possibly
supply partnerships.
At the same time, he said Meralco
would continue to utilize coal for as long as there is no state policy
prohibiting it because it has the obligation to secure sources of supply that
has the least cost.
“We should not demonize Meralco
because of the way supply is sourced. To begin with the government has not come
up with any law or regulation that prohibits absolutely the use of coal,” he
said.
Thus, he said, it’s too early to say
that the days of coal are numbered because distribution utilities like
Meralco have the obligation to secure sources of supply that reflect the least
cost.
At the same time, he said, Meralco
is very mindful of the impact of coal on the environment.
“That is high in the minds of
Meralco. How we can contribute to initiatives that prevent climate change
from happening,” Espinosa said.
Espinosa said Meralco continues to
face regulatory challenges. Many of its power supply applications have been
stuck with the Energy Regulatory Commission.
“We want to see a more vibrant and
active regulator,” he said.
Meralco, he said would heed the
decision of the Supreme Court, which ruled that all power supply agreements
submitted by the DUs with the ERC must undergo a competitive selection process.
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