SMC spending $1B for new battery storage facilities
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Metro Manila (CNN Philippines, April 21) - San Miguel Corporation, through its power arm SMC Global Power Holdings Corp., is spending $1 billion to simultaneously build 31 new battery storage facilities nationwide.
SMC President Ramon Ang said the battery storage facilities are nearing their completion and these facilities would make renewable energy more viable for the country.
The battery storage facilities have a rated capacity of 1,000 megawatts. Our country s challenge with renewables is that it is intermittent, because of its nature. But with strategically located battery storage facilities, this can be mitigated and renewables can become more viable. This will help the transition to more renewable sources of energy in the future, Ang said in a statement.
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Metro Manila (CNN Philippines, March 11) Conglomerate San Miguel Corp. says it has started regaining its momentum after witnessing solid financial performance in the second half of 2020 despite the country s ongoing battle against the pandemic.
Net profit in July to December period reached ₱25.9 billion, seven times better than the first half and a 15% improvement from the same period in 2019, the group noted in a statement on Thursday.
However, net income in 2020 reached ₱21.9 billion, a big drop from the ₱48.6 billion it recorded a year earlier, as business operations took a major hit from strict quarantine controls.
Despite weaker 2020 earnings, SMC president and chief operating officer Ramon S. Ang said recovery signs were evident since the start of the second semester.
San Miguel to turn part of Ortigas compound into urban farm By JON VIKTOR D. CABUENAS, GMA News
Published March 1, 2021 8:48pm Diversified conglomerate San Miguel Corp. (SMC) is set to convert a portion of its head office complex in Ortigas into its first urban farm which it said would support its staff. Under the Malasakit Grade program, employees and workers doing support jobs would be given a plot of land to be used as a space to grow produce of their choice. They may opt to bring home the harvest or sell these for a profit at a small market stall that will be set up at the complex.
BusinessWorld
March 2, 2021 | 12:10 am
Fourth-quarter profit slips as homes take biggest consumption share
MANILA Electric Co. (Meralco) posted a core net income of P5.98 billion in the fourth quarter of 2020, down 11.2% year on year to cap 2020 with residential users accounting for the biggest share of power consumption.
Excluding one-time items, the power distribution utility’s reported income slipped by around 2% to P5.064 billion, its finance chief said in a media briefing on Monday.
For full-year 2020, Meralco reported an 8.9% drop in core net income to P21.71 billion as it logged lower electricity sales due to reduced power purchases.
“We ended 2020 with consolidated core net income of P21.7 billion, about 9% lower than the P23.8 [billion] in 2019,” Meralco Senior Vice-President and Chief Finance Officer Betty C. Siy-Yap said to present the listed firm’s operating and financial results for 2020.
Two companies under the San Miguel group submitted the lowest bids during the competitive selection process (CSP) held by Manila Electric Co. (Meralco) for the supply of 1,800 megawatts (MW) of power in the next two decades starting 2024.
This comes as a network of civil society organizations, Power for People Coalition, has asked the Supreme Court to file a temporary restraining order against the distribution utility’s CSP.
In a press release Friday, Meralco said that the two “best” bids came from Excellent Energy Resources, Inc. (EERI) and Masinloc Power Partners Co. Ltd (MPPCL) which both offered a low levelized cost of electricity (LCOE). The two firms are subsidiaries of SMC Global Power Holdings Corp.