DISTRIBUTION BUSINESS SEEN BOOSTING GROWTH

LISTED power distributor Manila Electric Co. ( Meralco) expects its core distribution business to continue to be the major driver of growth in the years ahead, with a further boost seen from the expansion of its energy sources.

Meralco President Oscar Reyes said a major development for the utility was the expansion of its energy sourcing to include renewable or clean energy.

“Meralco has signed 185 MW [megawatts] solar Power Supply Agreements at prices way below Feed-In-Tariff [FIT] rates, the last be hour (kWh), the company said.

FIT rates are at P9.68 per kWh kWh for the next 450 MW, it said.

Reyes cited the PSA executed between Meralco and Solar Philippines Tarlac Corp. for the sale and purchase of solar power, which would be sourced from the solar plant being built by the latter in Concepcion, Tarlac.

Under the deal, which takes effect once it is approved by the Energy Regulatory Commission (ERC), Solar Philippines would supply Meralco 75 MW to 85 MW of solar - tract years and 85 MW from the sixth to the 20the contract years.

“We are driving other business verticals, such as power genera- tion, retail electricity supply and related service business to contrib

Last month, Reyes told reporters in a chance interview that Meralco continues to focus its efforts on improving customer experience. He said they are “investing handsomely on putting our customer service on digital platforms because that’s how new customers are relating. Every

“We are forging ahead with our IT-based customer service platform, CXE, which starts from when a customer signs up for Meralco ser and after-service requirements, all designed to continuously enhance customer experience on a digital

Meralco, which posted a consolidated core net income of P15.4 billion for the first nine months of the year, is working to fast-track the construction of its power generation projects ahead of anticipated regulatory approval of its PSA petitions.

Meralco is the country’s largest power distribution utility. Its subsidiaries are engaged in engineering and consulting, construction, bills payments, and other electricity-related services.

Shares of Meralco closed at P291.80 apiece on Monday.