MERALCO PowerGen Corp. (MGen), the power generation arm of Manila Electric Co. (Meralco), expects to deliver 10,346 megawatts (MW) of net sellable capability and 5,288 MW of attributable capability over the following five years, based on its president.
This is able to double the corporate’s current net sellable capability of 5,068 MW and attributable capability of two,559 MW from its Philippine and Singapore operations, MGen President and Chief Executive Officer Emmanuel V. Rubio said in a Viber message over the weekend.
Mr. Rubio attributed the anticipated increase to its “growth projects,” equivalent to the MTerra Solar Project, which consists of a 3,500-MW solar farm paired with a 4,500-MW-hour battery energy storage system.
“MGen is ready to exceed its 1,500-MW attributable renewable energy capability goal by 2027, three years ahead of the unique 2030 timeline,” he said.
The corporate can also be banking on the 1,200-MW Atimonan coal-fired power plant in Quezon province and the 73-MW Toledo coal-fired power plant in Cebu. Other assets include Excellent Energy Resources, Inc.’s Unit 4 in Batangas and PacificLight Power Pte. Ltd.’s 600-MW gas-fired power facility in Singapore.
For the primary half, MGen delivered a complete of 12,644 gigawatt-hours of energy, a 66% increase in comparison with the identical period last yr.
“This significant growth was driven by improved dispatch across our plants, consistently high plant availability, increased capability contributions, particularly with the successful integration of Chromite Gas Holdings, and our team’s continued commitment to operational excellence and reliability across the portfolio,” Mr. Rubio said.
Meralco’s power generation business accounted for 37% of its total earnings within the six-month period, which rose by 10% to P25.54 billion.
Manuel V. Pangilinan, chairman and chief executive officer of Meralco, said the facility distributor is on course to hit its goal bottom line of P50 billion for this yr.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Helpful Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera