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San Miguel unit issues $150-M securities

San Miguel unit issues $150-M securities
businessmirror.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessmirror.com.ph Daily Mail and Mail on Sunday newspapers.

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Press Release - WIN SPONSORSHIP SPEECH | SBN 2203 / CRN 255 MidstreamNatural Gas Industry Development Act

Press Release
Midstream Natural Gas Industry Development Act
Tuesday, May 18, 2021
Delivered by the Honorable Win Gatchalian, Senator of the 18th Congress:
Mr. President, distinguished colleagues, the legislation we are sponsoring today aims to develop a critical component of one of the Philippines most important energy industries - natural gas. 19% of the country s power is generated from natural gas, making it the third-most utilized source after coal at 57% and renewable energy at 21%. The importance of natural gas is even more pronounced in Luzon, where more than a quarter of the island s power is sourced from natural gas plants. This is second only to coal. Significantly, natural gas plants generated 56% of the 2.5-billion-kilowatt-hours purchased by MERALCO in April 2021, making natural gas the single most impactful electric power source in Metro Manila - the national center of economic productivity and wealth creation. In a nutshell, we can say that Phi ....

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Meralco core income down by 9% in 2020

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. ....

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Safeguard power sector stability and consumers

BusinessWorld
February 23, 2021 | 6:24 pm
By Victor Andres C. Manhit
Before the COVID-19 (coronavirus disease 2019) pandemic, the country’s grid system operator, National Grid Corporation of the Philippines (NGCP), reported a looming power shortage over the Luzon grid in the summer months of 2020. However, COVID-19 happened.
The lockdowns implemented to slow the spread of the virus sent severe shocks throughout the country’s economic sectors. As a result, the Department of Energy (DoE) later revealed that electricity consumption dropped by 30% in Luzon during the initial quarantine, effectively avoiding last year’s looming summer power shortage.
An unintentional effect of the deep economic slump brought about by the continuing quarantine is that it bought the country’s energy sector additional time to realign with the country’s shifting power demands. ....

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2 SMC units submit lowest bids for 1,800-MW Meralco supply deal

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. ....

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