Tycoon Manuel V. Pangilinan’s Metro Pacific Investments Corp. has completed its P12.4-billion purchase of a larger stake in Manila Electric Co., tightening its hold on the country’s biggest electricity distributor.
The consequences of uncertainty over the government’s coal bid round are beginning to show at the Philippines’ largest coal operation, complicating investment decisions as seawater threatens jobs and future production on Semirara Island.
Manuel V. Pangilinan-led Manila Electric Co. (Meralco) is advancing the use of metering and communications technology to gain greater visibility over its distribution network as it prepares for the growing adoption of rooftop solar, electric vehicles and battery storage.
Manila Electric Co. (Meralco) has received bids as low as P5.3573 per kilowatt-hour (kWh) for its 600-megawatt (MW) baseload power requirement, with three generators emerging with the lowest offers in its latest competitive selection process (CSP).
Tycoon Manuel V. Pangilinan-led SP New Energy Corp. (SPNEC), controlled by Manila Electric Co. (Meralco), is expanding its landholdings through purchases from companies under founder and politician Leandro Leviste.
Meralco has mobilized employees and resources beyond restoring electricity as severe flooding left thousands of families across Luzon stranded and unable to secure basic supplies.
The Manuel Pangilinan-controlled power distributor said it will comply with the Energy Regulatory Commission’s latest directive to refund P9.5 billion to customers over a six-month period, with the adjustment expected to appear as a separate line item in electricity bills.
Tycoon Manuel V. Pangilinan-led Manila Electric Co. ended a bruising week after losing more than P123 billion in market value as uncertainty over proposed electricity sector reforms rattled investors.