MANILA Electric Co. (Meralco) over the weekend said it would source an increasing portion of its supply portfolio from renewable energy (RE) as part of a long-term sustainability strategy.
Meralco said it contracted 1,880 megawatts (MW) of RE capacity from various suppliers, breaching its initial target of 1,500 MW, in compliance with the Department of Energy’s Renewable Portfolio Standards (RPS) policy.
Under the RPS, electricity suppliers should source a portion of their requirements from RE given the government’s goal to increase the share of RE in the country’s energy mix to 35 percent by 2030 and to 50 percent by 2040.
The RPS requirement is currently set at plus 2.52 percent per annum.
Meralco said that its sourcing initiatives would see RE account for 22 percent of its supply portfolio by 2030 and 18 percent of Meralco’s retail electricity supplier, MPower, by 2025.
MANILA Electric Co. (Meralco) over the weekend said it would source an increasing portion of its supply portfolio from renewable energy (RE) as part of a long-term sustainability strategy.
Meralco said it contracted 1,880 megawatts (MW) of RE capacity from various suppliers, breaching its initial target of 1,500 MW, in compliance with the Department of Energy’s Renewable Portfolio Standards (RPS) policy.
This will eventually allow the company to reduce its total carbon emissions by 15 percent compared to its projected baseline 2030 emissions in line with its energy transition commitment.
“[The] transition to clean energy is at the core of our sustainability journey, and this commitment solidifies our drive to bring to life projects that will help serve the country’s growing energy demand with greener power,” Meralco First Vice President Raymond Ravelo said.
“We will continue to elevate and evolve our sustainability initiatives as we implement our long-term sustainability strategy that involves the adoption of next-generation clean technologies and deep decarbonization efforts as we aspire to be coal-free by 2050,” he added.
Meralco’s shares closed P1.20 or 0.35 percent higher on Friday to P344 apiece.
Philippine financial markets will be closed today, August 28, as the country marks National Heroes Day.