Latest Stories

Meralco, Metrobank unit forge power venture deal

Firms to pursue generation projects in Mindanao


Meralco PowerGen Corp. and Global Business Power Corp. of the Metrobank Group are set to jointly pursue and evaluate potential power-generation projects in Mindanao.

In a statement, Meralco PowerGen said the two firms expect to soon sign a memorandum of understanding to effect the partnership. This will be Meralco PowerGen’s first foray into power generation in Mindanao.

“Meralco PowerGen continues to explore opportunities with the goal of putting up power plants to help address the need for a reliable, sustainable and competitively-priced supply of power,” it said.

Oscar S. Reyes, president of Meralco PowerGen parent firm Manila Electric Co., meanwhile, said in a briefing that the agreement to be signed would cover four of the proposed projects of Global Power in Mindanao.

These facilities will mainly use coal.

Reyes said the partnership would be “more or less” 50-50, under which Global Power will develop the power projects while Meralco PowerGen “will have the opportunity, if we so wish, to invest with them.”

“Meralco is trying to help address the requirement for adequate reliable power so if we can help in meeting the needs with fuel-efficient new technology plants with credible partners, we can contribute our own expertise, resources,” Reyes said.

Meralco, through its power generation arm Meralco PowerGen, is building power facilities that can generate 2,700 MW of additional capacity for the Luzon grid in five years.

Reyes earlier disclosed that this proposed portfolio would consist of two 600-MW coal-fired power plants that are expected to cost roughly $2.6 billion and combined and liquefied natural gas (LNG) facilities that can generate a total of 1,500 MW.

Reyes declined to cite specific investment requirements for the LNG facilities, which may be put in Batangas and/or Quezon, depending on the outcome of feasibility studies. The cost of the LNG power plant itself will be lower than the coal plant, he added.

“Our strategic intent is to build new, highly fuel-efficient, environmentally sound and reliable combined cycle base load and mid-merit power plants of up to 2,700 MW over the next five years, mindful of the Department of Energy supply and demand outlook as well as the company’s load growth target areas to spur national development,” Reyes had said.

“We likewise continue to look for opportunities in the grids outside Luzon and potentially even outside the Philippines, to enhance our profitability and showcase the technical competency of our engineers, technical and customer service people,” he added.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Energy , Global Business Power Corp. , Meralco PowerGen , Metrobank Group , Mindanao , Philippines , power generation projects

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • 2 teenagers killed in Mlang, North Cotabato
  • No sympathy from North Korea over ferry disaster
  • 4 French journalists freed from Syria captors home
  • De Lima on Gigi Reyes: Let’s wait and see
  • South Korean relatives divided over whether to raise ferry
  • Sports

  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Warriors beat Clippers in playoff opener
  • Pacquiao top Mayweather contender
  • Lifestyle

  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Joe de Venecia visits the Queen Mother of Cambodia
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • Marketplace