Manila Electric Co. (MERALCO) continues pursuing its long-term initiatives toward sustainability as it expands its renewable energy portfolio to 1,880 megawatts (MW) of RE capacity compared to its initial target of 1,500 MW.
This decisive action is part of compliance and supports the Department of Energy’s (DOE) Renewable Portfolio Standards (RPS) policy that aims to increase the RE portion in the country’s energy mix to 35% by 2030 and 50% by 2040 by mandating electricity suppliers to source a portion of their RE requirements at +2.52% per annum.
The portfolio allows MERALCO to reduce its total carbon emissions by 15% vis-a-vis its projected baseline 2030 emissions.
“This commitment solidifies our drive to bring to life projects that will help serve the country’s growing energy demand with greener power,” MERALCO first vice president and chief sustainability officer Raymond Ravelo said in a statement.
In other developments, Meralco recently formed its new subsidiary named Movem Electric Inc., created to focus on the expansion of its EV industry particularly on the sales and distribution of EVs and EV chargers to its clients with the aim of becoming a major player in the EV sector.
This 2023, the electricity company targets to increase its electric vehicle fleet to 9%, deploying 20-30 more electric vehicles on top of the current 156 EVs in their fleet.
ESakay Inc., its former EV unit, was sold for PHP 87.4 million to On-Us Solutions Inc.. Previously, its route franchise from the Land Transportation Office (LTO) was assigned to the Makati-Mandaluyong area.
Meanwhile, MERALCO Chairman Manuel V. Pangilinan said that the company is in the best position to lay out the charging network since it has the network and resources in terms of mass deployment of charging stations, and the capability to do it as part of its civic duty.
MERALCO should push its sustainability agenda, be in that space, create the demand, and the charging stations will come in, he added.
Earlier, MERALCO stated its goal of becoming coal-free by 2050 and plans to be a key player in the growing EV industry.
Meanwhile, the DOE is currently working on a comprehensive game plan to lure more investors for the EV industry while it pushes to boost the rollout of EVs to 10 percent in lieu of the Republic Act 11697 or the Electric Vehicle Industry Development Act (Evida).