Meralco commits P100 billion for sustainability initiatives

The Manila Electric Company (Meralco), over the weekend, committed to invest P100 billion for the next six years on initiatives under its long-term sustainability strategy (LTSS) as the company seeks to boost its renewable energy buildout.

The company said the capital injection would focus on projects to boost its distribution network, such as 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.

“Core to our long-term sustainability strategy are twin commitments to secure 1,500 MW (megawatts) of renewable energy supply contracts and to develop 1,500 MW of attributable green energy generation capacity,” First Vice President and Chief Sustainability Officer Raymond Ravelo said in an emailed statement.

“This underscores our dedication to our low-carbon transition and to serving the country’s growing energy demand with clean power,” he added.

Meralco said its transition to clean energy would be boosted through its wholly-owned subsidiary MGen Renewable Energy Inc., which seeks to accelerate the development of renewable energy projects mainly from solar and wind sources.

It has also allocated a portion of its funds to promote the adoption of solar energy for business and homes through MSpectrum, as well as social development and amelioration programs through One Meralco Foundation’s solar electrification initiatives.

“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,” Chairman and Chief Executive Officer Manuel Pangilinan said.

Meralco constructs, operates, and maintains electric distribution systems in the cities and municipalities of Bulacan, Cavite, Metro Manila, and Rizal, as well as certain areas in the provinces of Batangas, Laguna, Pampanga, and Quezon.

The firm counts as subsidiaries and associates Vantage Energy Solutions and Management Inc. and MeridianX Inc., acting as retail electricity suppliers in Luzon and the Visayas. — DVM, GMA Integrated News