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July 10, 2022 News Global Nation Business Lifestyle Entertainment Technology Sports opinion USA & Canada bandera CDN Digital Pop Preen Noli Soli Scout PH Videos F&B Esports Multisport Mobility Project Rebound Advertise FOLLOW US: Subscribe to our daily newsletter Your subscription could not be saved. Please try again. Your subscription has been successful. By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy. SUBMIT News global nation business lifestyle entertainment technology sports opinion PROPERTY MOBILITY JOB MARKET STOCK EXCHANGE PROPERTY GUIDE COLUMNS CLASSIFIEDS PROJECT REBOUND business / Headlines Headlines UP TO 2030 MERALCO GROUP SETS P100-B KITTY FOR GREEN EFFORTS Philippine Daily Inquirer / 02:02 AM February 26, 2024 Power utility giant Manila Electric Co. (Meralco) has earmarked P100 billion to fund its sustainability programs until 2030, pledging to enhance its distribution network and grid reliability while promoting the use of clean energy. Among the projects that will be prioritized for funding are the reduction of system losses, energy efficiency solutions and expansion of electric vehicle fleets and infrastructure. “With sustainability deeply embedded in Meralco’s operations and long-term plans, we are proud to commit over P100 billion in capital expenditures to initiatives that not only enhance our infrastructure but also align with the government’s vision for a sustainable future,” Ronnie Aperocho, Meralco chief operating officer and executive vice president, said in a statement over the weekend. Article continues after this advertisement The company likewise plans on securing 1,500 megawatts (MW) of renewable energy supply contracts, and developing 1,500 MW of green power generation capacity through its wholly owned subsidiary MGen Renewable Energy Inc. FEATURED STORIES BUSINESS BIZ BUZZ: LottoMatik fantastic BUSINESS 105 y.o. saved from stroke through advanced procedure in The Medical City BUSINESS Jollibee Group awarded ‘Employer of the Year’ by People Management Association of the Philippines Funds will also be allocated to promote solar energy solutions for homes and businesses through MSpectrum Inc., its solar power subsidiary. Currently, 85 percent of the solar power capacity of MSpectrum comes from installations within the Meralco franchise area, including office buildings and other facilities. Article continues after this advertisement MSpectrum president and chief executive Ma. Cecilia Domingo earlier told reporters that they planned on beefing up their portfolio by 30 MW this year from about 60 MW. Article continues after this advertisement Meralco is also set to further bolster its social development projects—energizing rural health centers and launching water access projects and livelihood programs—through One Meralco Foundation. Article continues after this advertisement “As we pursue our decarbonization strategies, we envision a thriving society with access to education, clean water, quality health care, dignified livelihoods and disaster preparedness—all in alignment with the United Nations’ Sustainable Development Goals,” Meralco chair and CEO Manuel Pangilinan said. Meralco’s net income in the first nine months of 2023 jumped by 44 percent to P28.4 billion due to higher distributed energy volumes and better performance from its power generation business. Article continues after this advertisement The company is set to announce its full-year earnings today, Feb. 26. —Meg J. Adonis INQ Your subscription could not be saved. Please try again. Your subscription has been successful. Subscribe to our daily newsletter SIGN ME UP By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy. 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