Meralco hikes RE share in supply portfolio
MANILA, Philippines — Meralco is increasing the share of its supply portfolio from renewable energy (RE) as part of its long-term sustainability strategy.
In a statement on Sunday, Meralco said it has contracted 1,880 megawatts (MW) of RE capacity from various suppliers.
With that, the company has breached 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% by 2030 and 50% by 2040.
Currently, the RPS requirement is set at +2.52% per annum.
Through Meralco’s strategic sourcing initiatives, RE is expected to account for 22% of the distribution utility’s supply portfolio by 2030, and 18% of Meralco’s retail electricity supplier, MPower, by 2025.
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