MANILA Electric Co. (Meralco) is committing P100 billion for capital expenditures through 2030 to bankroll its long-term sustainability strategy programs.
"With sustainability deeply embedded in Meralco's operations and long-term plans, we are proud to commit over P100 billion in capital expenditures to initiatives that not only enhance our infrastructure but also align with the government's vision for a sustainable future," company Executive Vice President and Chief Operating Officer Ronnie Aperocho said during the weekend.
The capital spending will be used to jumpstart projects that will fortify Meralco's distribution network and make it sustainable, smarter and more resilient against climate change.
These include enhancing grid reliability, reducing system loss, transitioning to natural ester oil for distribution transformers, implementing energy efficiency solutions, and expanding its electric vehicle (EV) fleet and infrastructure.
Meralco will also ramp up its renewable energy buildout through subsidiary MGen Renewable Energy Inc. (MGreen) to fast-track RE development, particularly of solar and wind sources.
"Core to our long-term sustainability strategy are twin commitments to secure 1,500 megawatts (MW) of renewable energy supply contracts and to develop 1,500 MW of attributable green energy generation capacity," said Raymond Ravelo, Meralco first vice president and chief sustainability officer.
In addition to promoting the adoption of solar energy solutions via Mspectrum, the company said it would also champion social development and amelioration programs through the One Meralco Foundation.
The overall goal is to cut total emissions by 20 percent by 2030 and become coal-free by 2050.
"As we pursue our decarbonization strategies, we envision a thriving society with access to education, clean water, quality health care, dignified livelihoods, and disaster preparedness, all in alignment with the United Nations' sustainable development goals," Meralco Chairman and CEO Manuel V. Pangilinan said.
Meralco shares closed up by P4.00, or 1.1 percent, at P369.00 apiece on Friday.