Meralco looking to add 150-MW in renewable energy portfolio

Meralco looking to add 150-MW in renewable energy portfolio

A 20-year proposal of 150 MW worth of renewable wind energy was offered to the Manila Electric Company (Meralco) as the company looks to expand its renewable energy portfolio.

Island Wind Energy is seeking to supply 150 MW of wind energy at P3.50 per kilowatt-hour, sourcing energy from its two developing wind projects.

Meralco’s Oscar Reyes said that the bid will be broken down into 80 MW supply from the first energy mill, which is set to operate on June 30, 2020, and 70 MW from the second plant, expected to function 12 months after the first phase.

The rate, too, will be increased annually by two percent.

Nonetheless, Meralco head of utility economics Lawrence Fernandez said that the cost is very low compared to the P8.53 per kwh and P7.40 per kwh feed-in tariff (FIT) rates.

The competitive selection process (CSP) for this had just begun, and other companies may present their counter-offers until March 5, 2018.

Fernandez added that Meralco welcomes “all technologies” in sourcing energy, given that “it’s competitive and it will lead to a more efficient and reliable system”.

Another CSP is currently ongoing for an offer of 50 MW solar power supply from Pilipinas Newton Energy Corporation with a rate of P2.98 per kwh.