Manila Electric Co. (Meralco) is planning to develop 1,000 megawatts of green energy projects in the coming years, 5 to 7 years to be exact. The firm disclosed that the plan to invest more in renewable energy projects as part of their expansion will help them big time as they shift to the use of renewable energy. For the firm, it’s time they continue the adoption of sustainable operation because this is what the future looks like now that more and more infrastructures are demanding for power consumption. Do you think green energy projects will be a big hit in the coming years? Is it time to invest in companies that look forward to operating in a more sustainable manner?
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MGreen, or MGen Renewable Energy, which is a subsidiary of Meralco is now working with a couple of renewable energy projects. These projects are mainly wind, solar, and run-of-river hydro. It’s a good thing to know that Meralco is making big steps towards the adoption of sustainable practices. The firm also disclosed that they are committed to constructing large-scale green energy projects in order to give customers a competitive electricity supply without needing any support. Apart from this, green energy plans will help the company achieve one of its priority which is to keep environmental sustainability and stewardship. If Meralco will invest more in renewable energy projects, it looks like hitting two birds with one stone!
The recent update about the progress of Makati Subway has brought attention to the use of more green energy to supply power in Makati and nearby areas. Actually, it’s not just Meralco that plans to push through with renewable energy projects to sustain power consumption in the country. Greenergy Holdings, Inc. is also planning to offer solar energy in the areas where the subway will pass through. IRC believes that Greenergy can offer solar construction materials to the company involved in the making of the subway, thus, buildings and businesses around it may also choose to adopt the use of solar power.
The last quarter of 2018 has bought more prosperity to Meralco. By the end of 2018, the firm reported an 18% jump on its core income or P5.72 Billion in figures. During the last three quarters of the year, it generated P4.48 Billion core income which is considerably lower than what it has on the 4th quarter. Meralco also hit P4.81 Billion income with reported one-time gains and it’s 7.8% higher than the 2017’s P4.46 Billion posted in the same quarter. This increase in net income in 2018 can be attributed to the growth in power consumption during the year. And now that the country is currently experiencing El Niño, it is expected that the consumption will further increase.