Panay Electric Co. (PECO) will spend P1.1 billion in the next 10 years to further upgrade its services in Iloilo.
Marcelo Cacho, PECO head of public engagement and government affairs, told reporters yesterday bulk of the amount will be used for the construction of three substations in various load centers as the current peak demand of 123 megawatts (MW) in the region will grow to 180 MW by 2029.
In a briefing in Taguig City, Cacho said among the substations to be built are the P135-million 50 megavolt amperes (MVA) substation for Megaworld Corp.; the P70-P80-million 15 MVA substation for the Faisano Capital Group; and another P70-P80-million 15 MVA for Westernland Property Development Inc.
Cacho said part of the capex will go to the deployment of smart meters in its franchise area.
Smart metering is a prepaid metering scheme that provides real-time wireless meter reading, automatic disconnection and reconnection that results to lower rates due to customer load profiling.
“Smart metering also empowers the customers through an online web portal where they can see their meter readings real-time, with meter reading updates every 15 minutes, we are now testing the online portal which will be launched next year,” Cacho said.
PECO said some 2,000 smart meters have been installed and another 2,000 will be delivered within the year while more will be applied to the Energy Regulatory Commission to cater to all of its 64,000 customers.
Cacho said net metering will allow customers equipped with their own power generating systems to sell power to PECO.
Other initiatives are Pasa Kuryente which allows solar panel owners to pass on to other consumers any excess power their system has generated and a lease-to-own program for solar power systems setups.