New Asian partners for Meralco

  • Page Views 2730
  • 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

    • 16 September 2021
      2 days ago No comment

      Millions cast advance vote as race tightens in September 20 election

      Elections Canada estimates that roughly 5.8 million Canadians cast their ballot at advanced polls for the September 20 federal election. The advance polls were open from September 10 to September 13. Preliminary figures provided by Elections Canada showed that there was an 18.5 percent rise in advanced voters compared ...

    • 09 September 2021
      1 week ago No comment

      Metro Vancouver Bicolanos endorse Leni Robredo for next PH president

      We are Bicolanos and Bicolanas working and residing in Metro Vancouver and express our positive support to Leni Georna-Robredo to become the next President of the Republic of the Philippines. We feel the pains of our fellow Filipinos and we equally share the burden. And being away from the ...

    • 09 September 2021
      1 week ago No comment

      Conservatives lead in homestretch to September 20 vote

      Is Canada going to have a new prime minister on September 20? Results of two surveys released as Philippine Asian News Today went to press Wednesday (September 8) show the Conservative Party of Canada led by Erin O’Toole leading the Liberal Party of Prime Minister Justin Trudeau. Global News ...

    • 09 September 2021
      1 week ago No comment

      What’s wrong with Kim Chiu?

      Many are worried with Kim Chiu not being her usual bubbly self on recent episodes of “It’s Showtime.” Some fans even took to social media to remark about it. “Anyare kay Kim? Bakit walang kibo?” “Di ako sanay na tahimik si Kim…” “What’s happening it’s showtime? Ano ginagawa ninyo ...

    • 02 September 2021
      2 weeks ago No comment

      ‘Elections are important’: Janine Gutierrez urges eligible voters to register

      Actress Janine Gutierrez called on Filipinos to “make use of the next month wisely” in response to reports that the voter registration for the 2022 elections will no longer be extended despite suspension during lockdowns. The 32-year-old Kapamilya talent on August 24 responded to a news item shared on Twitter which ...

    %d bloggers like this: