New Asian partners for Meralco

  • Page Views 508
  • 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

    • 17 February 2018
      6 hours ago No comment

      Philippine AirLine, now a global 4-star airline

      A big win for the Philippines — PAL CEO Philippine Airlines (PAL) has been certified as a 4-Star airline by Skytrax, the international air transport rating organisation. PAL, joining 40 other well-renowned airlines in this prestigious category, is the first and only airline in the country to have a ...

    • 16 February 2018
      24 hours ago No comment

      Pailalim goes to Sweden, Turkey, Belgium

      Daniel Palacio’s Pailalim (Underground) will have screenings in three countries. The Brillante Ma Mendoza-produced drama movie is included in the lineup of the 41st Göteborg Film Festival, ongoing in Sweden until tomorrow. The Göteborg event is the largest film festival in Nordic countries—showcasing about 450 films from 80 nations ...

    • 16 February 2018
      1 day ago No comment

      Direk Perci: We create experiences

      In this late afternoon encounter, direk Perci Intalan chats with the press and indeed he looks happy with more than four million views for the trailer of his latest film, My Fairy Tail Love Story. The film location is in the high seas of Zambales and he admits he ...

    • 16 February 2018
      1 day ago No comment

      Marian Rivera loves it that GMA never meddles in her personal affairs

      There is no reason for Marian Rivera to leave GMA network. The actress-host expressed her gratitude to the network, which she has called home for more than ten years now, as she renewed her contract yesterday. “Wala naman akong maisip na dahilan para hindi ako pumirma sa GMA,” she ...

    • 16 February 2018
      1 day ago No comment

      What really happened when Karylle met Marian, Dingdong

      Actress-chanteuse Karylle was talking to her manager Arnold Vegafria and internationally-acclaimed fashion designer Michael Cinco inside the store, fans milling outside suddenly went berserk when Karylle’s ex-flame, “Kapuso Primetime King” Dingdong Dantes, and his wife, “Kapuso Primetime” Queen Marian Rivera, arrived at the opening of Couturissimo store at the ...

    %d bloggers like this: