New Asian partners for Meralco

  • Page Views 2714
  • Manila Electric Co. (Meralco) is in talks with Asian companies as potential partners for its planned coal-fired power plant in Atinoman, Quezon, the power distributor’s top official said.

    The Asian firms may be potential investors in the 2×600 megawatt plant, Meralco chairman Manuel V. Pangilinan said on the sidelines of an event organised by the Management Association of the Philippines.

    The company has already secured funding for the project and has reached preliminary agreements with eight banks for a P107.5-billion loan.

    “We’re waiting for PSA (power supply agreement) approval. We’ve already come to an agreement with the banks but we need the PSA before we finalize the agreement,” said Meralco chief finance officer Betty Siy-Yap.

    In the same event, Meralco president Oscar Reyes said the power firm expects volume sales to rise 4.5 percent this year.

    But this is expected to be tempered to 3.5 percent in 2018 as customers continue to implement cost-cutting measures.

    For this year, the company is looking to slightly surpass its core profit, noting that the surge in sales will be tempered by the growing retail competition and ongoing developments in its power generation business.

    The company has set a guidance on 2017 consolidated core net income to be a slight improvement over the amount reported in 2016, with only two months left this year but officials declined to provide the exact number.

    Officials have noted that some business verticals such as retail electricity have increasingly been very competitive.

    Introduced in June 2013, retail electricity is provided by retail electricity suppliers or RES which are entities authorized by the Energy Regulatory Commission (ERC) to sell, broker or market electricity to big power users or those with an average peak demand of one megawatt for 12 months.

    Prior to June 2013, all these big customers were captive customers of Meralco but the introduction of RES changed that.

    Meralco booked a core net income of P19.58 billion and a reported net income of P19.18 billion in 2016.

    As of end-September, Meralco has registered a core net income of P15.4 billion, up three percent from last year’s P15 billion.

    Reported net earnings amounted to P15.9 billion, two percent higher than last year’s P15.7 billion, data from the company showed.

    I. Gonzales, PS

    Share

    New Posts Recently publish post More

    • 03 June 2021
      2 weeks ago No comment

      What’s next for Pacquiao after August 21 fight in Vegas

      Manny Pacquiao will challenge WBC and IBF welterweight champion Errol Spence Jr. in Las Vegas on August 21. What comes next for the 42-year-old fighter and current senator of the Philippines is a matter of great interest. Pacquiao’s longtime trainer and confidant Freddie Roach said in the summer of ...

    • 27 May 2021
      3 weeks ago No comment

      B.C. begins four-step Restart from COVID-19 pandemic

      In March and April 2021, B.C. was hit by a third wave of COVID-19 infections. But something was also about to change as Britisih Columbians registered for vaccination in record numbers between April and May. By May 24, around 60 percent of people aged 18 and over have received ...

    • 20 May 2021
      4 weeks ago No comment

      19 million vaccine doses administered in Canada

      COVID-19 vaccination in Canada started in the week of December 13, 2020. As of May 19, 2021, when Philippine Showbiz Today went to the presses, the federal government counts 19,349,980 doses administered so far. The country has a population of around 38 million, based on current estimates available online. ...

    • 20 May 2021
      4 weeks ago No comment

      Your daily dose of everything NCAA is here: ‘Rise Up Stronger: The Road to NCAA Season 96’ airs beginning May 23

      Get to know the athletes, the coaches, the teams, and what to expect this season as GMA Network via GMA Synergy unveils ‘Rise Up Stronger: The Road to NCAA Season 96,’ airing everyday beginning this Sunday, May 23, on GTV. ‘Rise Up Stronger: The Road to NCAA Season 96’ will keep sports fans entertained ...

    • 20 May 2021
      4 weeks ago No comment

      ‘DITO AT DOON’ PREMIERES GLOBALLY VIA TBA PLAY

      Film aficionados outside the Philippines will no longer be left behind as they get the chance to see “Dito at Doon” (“Here and There”) via the international premium video-on-demand service. Filipinos and cinephiles abroad can sit back and enjoy the must-watch movie of the year “Dito at Doon” (“Here and ...

    %d bloggers like this: