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Manila Bulletin devider Business devider Trade & Industry devider ACEN supplies RE-generated electricity to JPMorgan

ACEN supplies RE-generated electricity to JPMorgan

Published Aug 15, 2023 03:02 am

At A Glance

  • Many multinational and investment banking firms, like that of JPMorgan Chase, are now decisively on "green energy pivot", prudently weaving this into their net zero ambition as irreproachable response to a planet that is desperately crying for immediate redemption.

Ayala-led ACEN Corporation will be delivering 100-percent renewable energy (RE) power supply to the 25-floor JPMorgan Chase Tower at the Fort Bonifacio Global City in Taguig, the corporate headquarters of the multinational banking and financial services firm in the country.

In a media statement, the Ayala company emphasized that the power supply pact was sealed with ACEN Renewable Energy Solutions (ACEN RES), which is its retail electricity supplier arm as sanctioned by the restructured set-up in the power sector.

ACEN explained that the contract was firmed up within the ambit of the Retail Competition and Open Access (RCOA), a policy that places the end-user at the head of the table when it comes to exercising power of choice on patronizing its preferred electricity supplier.

The RCOA edict will allow qualified customers to contract not just based on the cost and capacity they are opting for, but also on their favored technology, primarily RE which will greatly aid them in their decarbonization goals.

Remarkably, many multinational and investment banking firms, like that of JPMorgan, are now decisively on "green energy pivot", prudently weaving this into their net zero ambition as irreproachable response to a planet that is desperately crying for immediate redemption.

“ACEN RES is at the forefront of providing renewable energy solutions to help businesses meet their decarbonization goals by providing the best approach to help save on cost and a reliable source of electricity supply,” the Ayala energy firm stressed.

With its vast portfolio of RE capacities across technologies, the Ayala firm is conspicuously not just toe-dipping but firmly cementing its foothold as a well-entrenched player in the clean technology development sphere.

The Ayala company specified that the supply it will be delivering to JPMorgan will be drawn from its wind, solar and geothermal energy assets. As of press time, the parties have not disclosed the volume as well as the tariff that they have agreed on.

ACEN President and CEO Eric T. Francia narrated that the power supply deal serves as an added milestone to the long-standing history of cooperation between the Ayala group and JPMorgan Chase, stressing that being the latter’s RE partner of choice, “this relationship has evolved towards our shared value of sustainability.”

On the estimate of the Ayala energy firm, JPMorgan’s switch to RE is “estimated to avoid carbon dioxide emissions equivalent to around 4,700 cars off the road per year.”

Carlos Ma. G. Mendoza, senior country officer of JPMorgan, stated that “through this partnership and the shift to renewable energy solutions, we affirm our global commitment to environmental sustainability and our continued efforts to achieve a low carbon footprint for JPMorgan Chase in the Philippines.”

It is worth noting that while many players in the corporate world have long been viewed as perpetrators of environmental havoc, they are now in a gold rush turning their businesses into green energy powerhouses when it comes to their electricity usage.

Related Tags

renewable energy JPMorgan Chase ACEN Ayala Group of Companies
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