Meralco eyes renewable energy technologies in the next four years

renewable

Manila Electric Co. (Meralco) is eyeing to build a portfolio of at least 500 megawatts (MW) of renewable energy in the next four years, a top executive said.

President and CEO of Meralco Powergen Corp. (MGen.) Rogelio Singson said the company is looking at all renewable energy technologies, whether it’s solar, wind, or hydro.

“In the next three to four years, we are going to develop at least 500 to 600 MW [of renewable projects]. It should be at least 20 to 30 percent ng MGen capacity,” Singson said.

This is part of the Meralco unit’s plan to shift its direction from fossil fuel to low carbon emitting technologies such as renewables.

The group has tapped consultancy firm McKinsey & Company for advisory on power generation investments, renewables and liquefied natural gas (LNG) in particular, said Meralco chairman Manuel Pangilinan.

“I know we have engaged McKinsey to advise us on the overall power sector, particularly the generation part of the business so we can understand what the role is of renewables and gas in the overall equation,” he said.

However, Pangilinan said Meralco has not yet confirmed their plans on LNG investments.

The company previously looked at possible investments in the LNG such as natural gas converted into liquid for ease of storage or transport.

Meralco said they also had talks with Osaka Gas Co. Ltd for a possible development of an LNG facility in 2015.

A year later, Meralco said the lack of a firm energy mix policy, demand and favorable pricing levels have stalled plans to enter the LNG space.

MGen is currently working on four coal-fired power plants, namely the 455-MW supercritical coal-fired power plant in Mauban, Quezon; the 2×600 MW Ultra Supercritical Coal-Fired Power Plant in Atimonan, Quezon; the 2×300 MW CFB Coal-Fired Power Plant in Subic, Zambales and the 2×350 MW Pulverized Coal-Fired Power Plant in Calaca, Batangas.