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Manila Bulletin devider Business devider Meralco to invest P25 billion in grid upgrades, storm hardening

Meralco to invest P25 billion in grid upgrades, storm hardening

Published Nov 20, 2024 05:28 am

Power retailer Manila Electric Company (Meralco) is eyeing around P25 billion in capital expenditures (CAPEX) next year to upgrade its distribution systems and grid, among other initiatives.

Ronnie L. Aperocho, Meralco executive vice president and chief operating officer told reporters that the utility firm projected 2025 CAPEX would be earmarked for projects that enhance the durability of its distribution facilities.

“[It’s] more on grid resilience, storm hardening exactly… Because we have to intensify the strengthening of the networks because right now we have a parade of storms. That’s why the integrity of our distribution is really in danger if our system is not that storm-hardened,” he elaborated.

While this budget is still under review, Manuel V. Pangilinan, Meralco chairman, said he is optimistic about the company’s expenditures, believing that “it will be a better year next year for Meralco. [We’re] quite confident. The economy is doing okay, and we’re always optimistic.”

Pangilinan also added that Terra Solar Philippines Inc. (TSPI), a subsidiary of Meralco’s SP New Energy Corp. (SPNEC), is anticipating a significant CAPEX for next year.

“Terra Solar has been aggressively investing in CAPEX, right? And I do hope we can finalize the gas plants because I think plant number two should be operational by early [in the] first quarter of 2025,” Pangilinan added.

On Tuesday, SPNEC announced that Terra Solar had awarded China Energy Engineering Group Co., Ltd. (Energy China) the Engineering, Procurement, and Construction (EPC) contract to help build the world’s largest contiguous solar and battery power plant in the Philippines.

Under the partnership, Energy China will be responsible for procuring, designing, processing permits, manufacturing, testing, and managing logistics to implement the Terra Solar project.

According to Meralco, the project is expected to generate 1,400 megawatt-peak (MWp) of capacity and integrate a 3,300 MW-hour Battery Energy Storage System (BESS).

This year, the company has allotted P40 billion in CAPEX, up from P30 billion in 2023.

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Manila Electric Co. (Meralco)
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