Manila Electric Company (Meralco) has exceeded its initial target of 1,500 megawatts of renewable energy-based capacity contracting, currently reaching 1,880 megawatts. This increased capacity is a key component of Meralco’s long-term sustainability agenda. The company is investing in renewable energy to meet the growing energy demand in the Philippines with cleaner power sources.
Meralco is achieving this through direct investments in greenfield renewable energy facilities and power supply agreements with renewable energy producers and retail electricity suppliers.
Meralco is also the first power utility in the Philippines to contract pure renewable energy to meet its mid-merit requirements, allowing flexibility in response to grid demand fluctuations. The company aims to have renewable energy account for over 20% of its supply mix by the end of the decade, with the retail market segment achieving 18% renewable energy sourcing within the next two years.
These sustainability efforts are aligned with the government’s Renewable Portfolio Standards (RPS), which mandates that distribution utilities like Meralco source a certain percentage of their energy from renewable sources.
Meralco’s commitment to sustainability reflects its recognition of its environmental impact, and the company plans to further evolve its sustainability agenda as it works towards a greener energy future. Meralco is also planning approximately P18 billion worth of renewable energy ventures, primarily focusing on solar and wind farm installations.