SINGAPORE — Manila Electric Co.’s (Meralco) power generation arm, Meralco Power Gen Corp. (MGen), is actively pursuing the development of new coal-fired power plants, despite a government-imposed moratorium on new coal projects. MGen president and CEO Emmanuel Rubio confirmed that the company is preparing to build plants in Atimonan, Quezon, and Toledo, Cebu, pending certification from the Department of Energy (DOE) that the projects qualify for exemption from the moratorium.
Rubio said MGen is in discussions with potential contractors and equipment suppliers for the Atimonan and Toledo projects, with Formosa Heavy Industries already confirmed as supplier for the Toledo site. The company is also running feasibility studies to determine the viability and competitiveness of the projects, with a board approval expected by February 2024. However, Rubio emphasized that the board’s approval will only trigger further engineering and feasibility work, not a final investment decision.
The projects have garnered interest from both local and Indonesian banks, with financing discussions underway. While specific project capacities are yet to be finalized, MGen’s existing coal plants include a range of facilities, such as the 82 MW Toledo Power Co. plant and the 500 MW San Buenaventura Power plant in Quezon. Atimonan was initially proposed for a 1,200 MW coal plant, though the company had also considered a 2,400 MW natural gas project for the site.
MGen’s ongoing efforts signal its commitment to expanding its baseload power capacity amid the Philippines’ evolving energy landscape.
