Manila Electric Company (Meralco) has outstripped its initial goal of contracting 1,500 megawatts of renewable energy-based capacity, currently standing at an impressive 1,880 megawatts. This expanded capacity serves as a cornerstone of Meralco's long-term sustainability agenda, dedicated to addressing the surging energy demands in the Philippines through cleaner energy sources.
Meralco's journey towards this achievement encompasses direct investments in greenfield renewable energy facilities, as well as power supply agreements with renewable energy producers and retail electricity suppliers. Notably, Meralco holds the distinction of being the first power utility in the Philippines to secure pure renewable energy for its mid-merit requirements, enabling flexibility in response to grid demand fluctuations. The company is resolute in its pursuit of having renewable energy contribute to more than 20% of its supply mix by the close of the decade, with the retail market segment expected to achieve an 18% renewable energy sourcing rate within the next two years.
These sustainable initiatives closely align with the government's Renewable Portfolio Standards (RPS), a mandate obliging distribution utilities like Meralco to derive a specific percentage of their energy from renewable sources.
Meralco's unwavering commitment to sustainability underscores its acknowledgment of its environmental footprint. The company envisions an ongoing evolution of its sustainability agenda, ushering in a greener energy future. Furthermore, Meralco has earmarked approximately P18 billion for renewable energy ventures, with a primary focus on solar and wind farm installations.
