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


  • Easterlies to prevail in Luzon, Visayas
  • Lacson eyes P106-B ‘Yolanda’ rehab masterplan
  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Technology

  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Marketplace