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Manila Bulletin devider Business devider MORE Power seeks balanced RE, area expansion

MORE Power seeks balanced RE, area expansion

Published Oct 23, 2023 05:46 am

At A Glance

  • MORE Electric and Power Corp. (MORE Power) plans to increase renewable energy (RE) usage in Iloilo City.<br>The current rate of renewable energy is 20 percent, and MORE Power aims to increase it to 40 percent, depending on stability.<br>Battery storage is seen as a key factor in stabilizing intermittent renewable energy sources.<br>The goal is to replace fossil fuel generation with renewable energy as technology matures and becomes more efficient and cost-effective.<br>Thorough research is needed to achieve a 20 percent increase in green energy.<br>MORE Power expects that prices for renewable energy and batteries will decrease in the next five to ten years, while fossil fuel prices will rise.<br>The company is considering expansion in Bacolod and Iloilo to meet consumer demand.<br>Before expanding outside the province, MORE Power's president wants to complete Iloilo's five-year development plan.

Razon-led MORE Electric and Power Corp. (MORE Power), the power distribution utility in Iloilo City, plans to increase renewable energy (RE) to balance its usage with fossil fuel generation.

Roel Castro, MORE Power president and chief executive officer said explained the possibility of utilizing renewable energy to a larger percentage.

“[The rate of] renewable energy right now is 20 percent… We want to increase it to 40 percent, depending on the stability. We know how intermittent RE is. So, to make it stable, you have to invest in batteries,” Castro said.

Battery storage would essentially accelerate the process of RE to replace fossil fuels.

“I think when technology for renewable energy becomes mature, it becomes more efficient. The efficiency goes high, the price comes lower and we can compete and replace the cost of fossil-based fuel generation,” he added.

The MORE Power official also wanted to ensure that thorough research must be conducted to see another 20 percent increase in green energy.

He also believes that prices for RE and battery would start to go down in fiveyear to 10 years, while fossil fuel prices would rise.

Moreover, the company said it is seeking an expansion in Bacolod and Iloilo due to st rong consumer demand.

Castro said that he would finish Iloilo’s five-year development plan first before expanding their operations outside of the province.

According to him, the consumers who have relatives [outside of Bacolod and Iloilo] clamored about how MORE Power deals with power situations, such as interruptions and blackouts.

He stated, “We want to complete [our progress] in Bacolod first. It’s still a long way to go. We have [to meet up with] Congress, the Energy Regulatory Commission (ERC), then turn-overs.”

Since its turnover with Panay Electric Co. (PECO) in 2019, MORE Power has a more than 93,000 customer base.

In comparison, around 60,000 customers were first recorded when they started to take over. (Gabriell Christel Galang)

Related Tags

MORE Electric and Power Corporation (MORE Power) MORE Power Iloilo City
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