MERALCO increases renewable energy share in portfolio 

The Manila Electric Company (Meralco) has reaffirmed its commitment to source an increasing portion of its supply portfolio from renewable energy (RE) as part of its long-term sustainability strategy.
 
Meralco has contracted 1,880 megawatts (MW) of RE capacity from various suppliers, already breaching its initial target of 1,500 MW, in compliance with and in support of the Department of Energy’s (DOE) Renewable Portfolio Standards (RPS) policy.
 
Under the RPS, electricity suppliers are mandated to 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 50 percent by 2040. Currently, the RPS requirement is set at +2.52 percent per annum.
 
Through Meralco’s strategic sourcing initiatives, RE is expected to account for 22 percent of the distribution utility’s supply portfolio by 2030, and 18 percent of Meralco’s retail electricity supplier, MPower, by 2025.
 
This will eventually allow the company to reduce its total carbon emissions by 15% vis-à-vis its projected baseline 2030 emissions, in line with its energy transition commitment. 
 
“Our just, orderly, and affordable 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 and Chief Sustainability Officer Raymond B. 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.
 
In 2019, Meralco established its sustainability agenda called Powering the Good Life, which is deeply rooted in the United Nations’ Sustainable Development Goals (SDGs) and supported by four pillars: Power, Planet, People, and Prosperity.