- It was in 2019 when Meralco designed its own ‘4Ps investment evolution paradigm’ and that has been anchored on four pillars delving with: Power, Planet, People and Prosperity – being the core of its “Powering the Good Life’ sustainability agenda that is aligned with the United Nations’ Sustainable Development Goals.
Power utility giant Manila Electric Company (Meralco) is leading the race on compliance to the Renewable Portfolio Standards (RPS) with 1,880 megawatts of contracted renewable energy (RE) already secured in its supply portfolio.
The power firm indicated that it was able to surpass its initial commitment of 1,500MW; which has been its decreed capacity to abide by the mandate of the RPS, or the policy which requires power utilities and other mandated participants to secure prescribed percentage of their supply from RE facilities.
The RPS edict, which sets RE off-take (capacity purchase) of 2.52-percent increment annually for the covered entities, had been institutionalized by the Department of Energy (DOE) as a concrete measure to provide guaranteed market for the targeted renewable energy installations in the country.
Based on green technology developments and decarbonization pathway cast by the government, the share of RE in the power mix shall reach the level of 35-percent by 2030; and 50-percent by 2040.
Meralco First Vice President and Chief Sustainability Officer Raymond B. Ravelo asserted that “our just, orderly, and affordable transition to clean energy is at the core of our sustainability journey, and this commitment solidifies our drive to bring to life projects that will help serve the country’s growing energy demand with greener power.”
In particular, the power firm has blazed the trail of contracting pure renewable energy plus energy storage capacity for its 850-megawatt mid-merit capacity needs that are set for phased deliveries in 2026 and 2027.
On top of that, Meralco has likewise been securing RE-underpinned installations for its targeted baseload capacity, although procurement process for this is still ongoing.
The power utility firm is similarly reinforcing its sourcing of RE-generated supply via its retail electricity supplier (RES) unit MPower; while its power generation subsidiary Meralco PowerGen, has been revving up solar power developments, with a target for eventual energy storage coupling.
“Through Meralco’s strategic sourcing initiatives, RE is expected to account for 22-percent of the distribution utility’s supply portfolio by 2030, and 18-percent of Meralco’s retail electricity supplier, MPower, by 2025,” the power firm noted.
By stepping up its clean energy shift, Meralco emphasized that it would be able to pare its carbon emissions by 15-percent, as reckoned from its forecast baseline of emissions by 2030 timeframe.
Ravelo stressed “we will continue to elevate and evolve our sustainability initiatives as we implement our long-term sustainability strategy that involves the adoption of next-generation clean technologies and deep decarbonization efforts as we aspire to be coal-free by 2050.”
It was in 2019 when Meralco designed its own ‘4Ps investment evolution paradigm’ and that has been anchored on four pillars delving with power, planet, people and prosperity – being the core of its “Powering the Good Life’ sustainability agenda that is aligned with the United Nations’ Sustainable Development Goals.
