The Manila Electric Co. (Meralco) will source at least 1,500 (MW) of its power requirements from renewable sources in the next five years.
Lawrence Fernandez, Meralco vice president and head of utility economics department, said the capacity will undergo competitive selection process (CSP).
Fernandez said with the successful CSPs, Meralco customers last year experienced a net rate reduction of P1.3870 per kilowatt hour (kWh), equivalent to bill reduction of more than P277 for a 200 kWh household and expected to further go down with the current downward trend.
Last year, from Meralco’s 49,519 gigawatthours (GWh) net system input, majority of the electricity were sourced from natural gas with 17,713 GWh equivalent to 39 percent followed by coal with 15,930 GWh equivalent to 35 percent, multi-fuel with 12,101 GWh equivalent to 26 percent, solar with 112 GWh equivalent to 0.24 percent and liquid fuel with 63 GWh equivalent to 0.14 percent. Meralco PowerGen Corp. (MGen), Meralco’s power generation arm, is keen on building up to 1,000 MW of utility-scale RE projects in the next five to seven years.
MGen is involved in the P4.25-billion, 50 MW solar power plant in San Miguel, Bulacan under Power Source First Bulacan Solar Inc. which is targeted to be operational within this quarter.