Investments
Beacon
MERALCO

 

Meralco - the Largest Distributor in the Country

  • Franchise until June 2008 to distribute to 5.2M customers.
  • Distributes 55% of the total electricity consumed in the Philippines equivalent to 74% of Luzon – growing at 4% in 2013 to 34,084gWH
  • Growing customer base - 3.4% in 2013, to 5.4 million customers;  Demand mix : Residential (30%) , Commercial (39%), and Industrial (31%) 
  • Regulated return based on regulatory asset base, valued to replacement cost every 4 years

 

 

 

KEY PRIORITIES


Distribution Utility

  • 2015 Rate Rebasing 
  • Study acquisition of surrounding distribution concessions


Power Generation (Model 50/50 MERALCO / Power Gen Partner) 

Target Returns:  15% ROE for new power projects  (P33B Project equity on 50% share of P220B total project)

  • Baseload
    • 460MW San Buenaventura Power Limited (online by 2017)
    • 600MW Redondo Peninsula Energy Project (online by 2018) - environmental case requires resolution
  • Midmerit 
    • 1,500MW LNG plant - pricing challenges to overcome
  • Others
    • 67.5MW Wind Power Project in Pililla, Rizal
    • 20% stake in Global Business Power (part of GT Cap) - 627MW Gross Capacity with another 82MW under construction/ P7.2B investment
  • Overseas Investment – 800MW combined cycle LNG plant in Singapore/ P8.8B investment
    • 28% effective ownership
    • Full operations in February 2014


RETAIL COMPETITION AND OPEN ACCESS

  • Potential target margins of 7%  at full roll-out
  • July to December 2013 - 2,711 gWh total energy sold through RES in Meralco franchise area / 167 out of 287 contestable customers signed up with MPower

OWNERSHIP STRUCTURE



*As of September 30, 2013, the San Miguel Group has agreed to sell its stake to JG Summit Holdings.

 


Please click here for the MERALCO's contribution to MPIC's core income.








Official Website: http://www.meralco.com.ph/
MERALCO Disclosures: http://www.meralco.com.ph/company/page-about-disclosure-pse.html
MERALCO News: http://www.meralco.com.ph/company/page-about-news.html

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