Philippine power supplier Meralco tops initial renewables goal

Philippine electricity distributor Manila Electric Company (PSE:MER), better known as Meralco, said over the weekend that it surpassed its initial renewables contracting target of 1,500 MW.

Meralco has now signed deals with various suppliers for about 1,880 MW of renewable power in total, according to an announcement quoted by local media.

The move is in compliance with the government’s Renewable Portfolio Standards (RPS) scheme, which introduced a requirement for electricity suppliers to source a portion of their energy supply from eligible renewable sources. The RPS currently stands at 2.52% per year.

The Philippines’ goal is to increase the share of renewables in the country’s energy mix to 35% by 2030 and 50% by 2040. Meralco itself aims to reach a 22% renewables share by the end of the decade.

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