The Manila Electric Co. (Meralco) earmarked P100 billion as capital investment through 2030 to fund programs under its long-term sustainability strategy (LTSS) as part of its commitment to help achieve energy security while contributing to the country’s development.
“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,” said Ronnie Aperocho, Meralco executive vice president and chief operating officer, in a statement.
Meralco said the substantial capital injection will catalyze critical projects intended to fortify distribution network to make it not only sustainable but also smarter and more resilient amid challenges posed by climate change.
The company said among key initiatives include enhancing grid reliability, reducing system loss, transitioning to natural ester oil for distribution transformers, implementing energy efficiency solutions, and expanding electric vehicle fleets and infrastructure.
Meralco added it is also ramping up its renewable energy (RE) buildout through MGen Renewable Energy Inc., a wholly owned subsidiary of Meralco PowerGen Corp., to accelerate the development of RE projects primarily from solar and wind sources.
“Core to our long-term sustainability strategy are twin commitments to secure 1,500 megawatts (MW) of renewable energy supply contracts and to develop 1,500 MW of attributable green energy generation capacity. This underscores our dedication to our low-carbon transition and to serving the country’s growing energy demand with clean power,” Raymond Ravelo, Meralco first vice president and chief sustainability officer, meanwhile said.
The company said the funding will also provide for the promotion of the adoption of solar energy solutions for businesses and homes through MSpectrum as well as in pursuing social development and amelioration programs through One Meralco Foundation’s solar electrification initiatives targeting underserved households, rural health centers, water access projects and livelihood programs.
Meralco said such investments are pivotal in driving its LTSS which aims to reduce total emissions by 20 percent by 2030, encompassing both direct emissions from onsite activities and indirect emissions from purchased electricity, supply chain operations and services provided. – Jed Macapagal
