MPower, the retail electricity arm of Manila Electric Company (Meralco), will provide 100 percent renewable energy (RE) to SM Retail, Inc.'s largest establishments in Pasay City, including its headquarters.
The agreement, announced on Wednesday, January 22, allows SM Retail to source its electricity entirely from renewable sources under the Competitive Retail Electricity Market (CREM). CREM enables customers with a monthly consumption of at least 500 kilowatts (kW) to choose their energy supplier based on their needs.
"As a key player in the retail industry, SM remains vigilant of its environmental impact and social responsibility," said Luis Lava, SM Retail Vice President for Workplace and Administration. "With this partnership with MPower, we are on track with our goal of powering our facilities with renewable energy under CREM."
Lava added that utilizing CREM will help improve energy prices and promote green energy development in the Philippines.
Redel M. Domingo, Meralco's First Vice President and MPower Head, stated that the partnership with SM Retail will also contribute to meeting the growing demand for RE in the market.
"SM Retail now stands among our valued customers to benefit from MPower's competitively priced renewable energy portfolio," said Domingo. "As a reflection of our commitment to sustainability, we will continue our efforts to meet the growing demand for renewable energy supply in the contestable market."
Both MPower and SM Retail affirmed their commitment to supporting the government's goal of increasing the country's RE supply to 50% by 2040.
MPower's other recent partnerships include agreements with ABS-CBN Corporation, Pepsi-Cola Products Philippines Inc. (PCPPI), and real estate firm D.M. Wenceslao and Associate Inc. (DMAWI).