PHILIPPINE energy corporations expect electricity and fuel demand to stay strong within the second half, although rising oil prices and provide risks linked to the Iran war are more likely to keep pressure on costs and project execution.<\/span><\/p>\nMeralco PowerGen Corp. (MGEN) President and Chief Executive Officer Emmanuel \u201cManny\u201d B. Rubio said the corporate is prioritizing stable operations and careful fuel sourcing as volatility in global energy markets persists.<\/p>\n
\u201cWe remain optimistic in regards to the second half of the 12 months as we execute our strategy,\u201d Mr. Rubio told BusinessWorld<\/i> in a Viber message.<\/p>\n
He said tensions involving Iran and the US had already created long-term effects that the energy sector would proceed to administer in the approaching years.<\/p>\n
Power corporations are facing higher fuel and shipping costs in addition to supply-chain risks for critical energy infrastructure amid continuing geopolitical tensions within the Middle East.<\/span><\/p>\nMr. Rubio said MGEN stays financially stable after posting P5.1 billion in net income in the primary quarter.<\/p>\n
He said the corporate\u2019s priorities for the remaining of the 12 months include keeping projects on schedule, particularly the MTerra Solar project, which the corporate has described because the world\u2019s largest integrated solar-and-battery facility.<\/span><\/p>\nMGEN, the facility generation arm of Manila Electric Co., has a combined net salable capability of 5,069.7 megawatts (MW) from conventional and renewable sources. The corporate goals to expand capability to greater than 10,000 MW by 2030.<\/p>\n
Mr. Rubio also said MGEN expects to profit from broader participation within the retail electricity market after regulators lowered the brink for the retail competition and open access program.<\/span><\/p>\nStarting June 26, electricity users with demand of no less than 100 kilowatts (kW) may directly select suppliers, lower than the previous 500-kW threshold.<\/p>\n
This system lets qualified customers negotiate directly with electricity providers for potentially lower rates.<\/p>\n
Meanwhile, ACEN Corp. President and Chief Executive Officer Eric T. Francia said uncertainty in global energy markets highlights the necessity to strengthen domestic energy infrastructure.<\/p>\n
\u201cAccelerating the deployment of renewable energy, complemented by energy storage solutions\u2026 can be critical to achieving greater energy independence,\u201d Mr. Francia told BusinessWorld<\/i> via Viber.<\/span><\/p>\nACEN has about 7 gigawatts (GW) of attributable renewable energy capability from operational, under-construction and committed projects across the Philippines, Australia, Vietnam, India, Indonesia, Laos and the US.<\/p>\n
Mr. Francia said the corporate stays heading in the right direction to deliver about 1 GW of solar, wind and battery-storage projects under construction, while more projects are expected to maneuver into construction within the second half.<\/span><\/p>\nHe added that demand within the retail electricity market stays strong, supported by broader access to renewable energy programs and lower participation thresholds.<\/span><\/p>\nOutside the facility sector, fuel distributors and retailers are also preparing for continued swings in oil prices and provide conditions.<\/p>\n
Top Line Business Development Corp. Senior Vice-President and Chief Operating Officer Brigitte Carmel C. Lim said geopolitical tensions had increased uncertainty across the energy industry.<\/span><\/p>\nDespite this, she said the corporate expects demand within the Visayas to stay regular on account of transport activity, tourism, trade and native commerce.<\/p>\n
\u201cAt the identical time, we recognize that the market environment can change quickly,\u201d Ms. Lim told BusinessWorld<\/i>. \u201cBecause of this we proceed to strengthen our depot capability, importation capabilities and retail network.\u201d<\/span><\/p>\nThe Cebu-based company has been expanding its fuel importation, storage, and retail network to satisfy rising demand within the Visayas.<\/span><\/p>\n<\/p><\/div>\n<\/p>\n","protected":false},"excerpt":{"rendered":"
STOCK PHOTO | Image from Freepik By Sheldeen Joy Talavera, Reporter PHILIPPINE energy corporations expect electricity and fuel demand to stay strong within the second half, although rising oil prices and provide risks linked to the Iran war are more likely to keep pressure on costs and project execution. Meralco PowerGen Corp. (MGEN) President and […]<\/p>\n","protected":false},"author":1,"featured_media":347805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[1886,4532,939,11110,2667,2424],"class_list":["post-347804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-crisis","tag-demand","tag-energy","tag-firms","tag-oil","tag-strong"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/347804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/comments?post=347804"}],"version-history":[{"count":2,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/347804\/revisions"}],"predecessor-version":[{"id":347807,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/347804\/revisions\/347807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media\/347805"}],"wp:attachment":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media?parent=347804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/categories?post=347804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/tags?post=347804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}