Danessa
Rivera (The Philippine Star) - June 8, 2019 - 12:00am
MANILA, Philippines —
Manila Electric Co. (Meralco) plans to build 1,000 megawatts (MW) of
renewable energy projects in the next seven years in its bid for cleaner and
more cost-competitive power supply in its franchise area.
Meralco’s newly
appointed president and CEO Ray Espinosa said the company is “committed to
developing large-scale renewable energy projects that can deliver competitive
electricity for our customers, without any requirement for subsidy or support,
while keeping environmental stewardship and sustainability as top priorities in
our business.”
Through subsidiary
Meralco PowerGen Corp. (MGen), Meralco formed MGen Renewable Energy Inc.
(MGreen) to serve as the platform for the strategic push to develop RE
projects, primarily solar, wind and run-of-river hydro.
The new company aims to
bring in additional supply to support the Philippines’ growth momentum and help
ensure availability of green and cost-competitive power supply in the coming
years.
“MGen, through MGreen,
will continue working on the realization of our project opportunities, and will
work in partnership with established developers to maximize our growth
potential,” MGen president and chief executive officer Rogelio Singson said.
He said MGen is already working on several RE prospects, “recognizing the
significant reduction in the development cost, particularly for large-scale
solar and wind over the past years.”
“Notwithstanding the
ongoing requirement for new reliable baseload generation to support the
fast-growing Philippine economy, we believe that the time is right to focus on
building our green energy capacity and we intend to be a key player in this
expanding sector,” Singson said.
The development of RE
projects is aligned with MGen’s growth aspirations, which are focused on
advancing renewable energy prospects and utilization of high efficiency, low
emission (HELE) technology for baseload power plants.
“We will continue
to work with the energy industry, government and other stakeholders to serve
the country’s energy needs while ever mindful of our greater responsibility to
society and the planet,” Singson said.
Meanwhile, consumer
group Murang Kuryente challenged Meralco to scrap all coal-fired power plants
in the pipeline and develop only RE projects.
Coal is currently the
biggest provider of fuel for power plants in the Philippines, accounting for
more than a third of the installed capacity in the country, with more
coal-fired power plants planned for construction.
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