Meralco sets aside P100 billion for sustainability program
Source：https://www.philstar.com/business/2024/02/26/2336091/meralco-sets-aside-p100-billion-sustainability-program
From：Taiwan Trade Center, Manila
Update Time：2024/04/22
Manila Electric Co. (Meralco) has set aside significant capital through 2030 for programs under its long-term sustainability strategy (LTSS). Meralco’s capital injection will enhance grid reliability, reduce system loss, transition to natural ester oil for distribution transformers, implement energy efficiency solutions, and expand electric vehicle (EV) fleet and infrastructure. Moreover, Meralco will increase its renewable energy portfolio through its subsidiary MGreen Renewable Energy Inc., specifically solar and wind projects.
“Core to our long-term sustainability strategy are twin commitments to secure 1,500 MW (megawatts) of renewable energy (RE) supply contracts and to develop 1,500 MW of attributable green energy generation capacity,” Meralco FVP and chief sustainability officer Raymond Ravelo said. He added that the plan underscores the company’s commitment to low-carbon transition and to accommodate the country’s growing power demand with clean energy.
The energy utility provider has also allocated funds to promote the shift to solar energy solutions for homes and businesses through MSpectrum. LTSS, according to Meralco, will reduce total emissions by 20 percent in 2030.
“With sustainability deeply embedded in Meralco’s operations and long-term plans, we are proud to commit over P100 billion in capital expenditures to initiatives that not only enhance our infrastructure but also align with the government’s vision for a sustainable future,” Meralco EVP and COO Ronnie Aperocho said.
Among the plans of the Department of Energy (DOE) is shifting to a 35 percent and 50 percent share of RE in the power generation mix by 2030 and 2040, respectively. DOE is also under the Phase 2 of plans on building a nuclear energy power plant in the country.
Meralco is also eyeing to become coal-free by 2050 through plans on leveraging next-generation technologies like nuclear energy and battery energy systems, its chairman and CEO Manuel V. Pangilinan said.
“As we pursue our decarbonization strategies, we envision a thriving society with access to education, clean water, quality healthcare, dignified livelihoods, and disaster preparedness – all in alignment with the United Nations’ Sustainable Development Goals (UN SDGs),” Pangilinan said.
Source: https://www.philstar.com/business/2024/02/26/2336091/meralco-sets-aside-p100-billion-sustainability-program