New Asian partners for Meralco

  • Page Views 1692
  • 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

    • 15 February 2019
      2 days ago No comment

      Former Miss Universe Dayanara Torres diagnosed with skin cancer

      Dayanara Torres, 44, reveals that she has skin cancer. The former Miss Universe titleholder took to her social media accounts to announce the sad news that she has been diagnosed with melanoma, a form of skin cancer. It is said to be the “most dangerous form of skin cancer,” ...

    • 15 February 2019
      2 days ago No comment

      The Kid Who Would Be King (PG)

      Regal Awakening! On occasion I go into deep thought as to what parental rating I should give a movie. Hardly ever do I pay much if any attention what the local censor boards levy on films since often I regard these people as simple government bureaucrats who are a ...

    • 15 February 2019
      2 days ago No comment

      ‘Jesusa’ meant for Sylvia Sanchez

      It did not take long for Sylvia Sanchez to say yes once she learned of the project “Jesusa” from writer and director Ronald Carballo. The writer-director was forthright, she said. She knew from the get-go that she was not the original choice. It did not matter to her. She ...

    • 15 February 2019
      2 days ago No comment

      Bong says showbiz remains his first love

      Despite his bid to return to politics, former action hero Bong Revilla maintained he won’t be turning his back on showbiz. “Showbiz is my first love. Bread and butter ko ang pelikula at telebisyon. Ito ang bumubuhay ng pamilya ko. Tuloy-tuloy ang paggawa ko ng pelikula, tuloy ang paglabas ...

    • 15 February 2019
      2 days ago No comment

      BBC praises ‘incredible vocal skill’ of TNT Boys

      The TNT Boys, composed of Kiefer Sanchez, Mackie Empuerto and Francis Concepcion, have caught the attention of media giant BBC. On Tuesday, the BBC posted a video titled “TNT Boys: The teen tribute act captivating the Philippines.” “The TNT Boys’ blend of tribute act, drag performance and incredible vocal ...

    %d bloggers like this: