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Pangilinan Assumes As Meralco Chairman

Manila Bulletin

MPIC chairman Manuel V. Pangilinan

Reyes Is President And CEO

MANILA, Philippines — With the decision of Ambassador Manuel M. Lopez to step down from his post at the country’s largest power distribution utility, management changes formally paved the way for the installation of Manuel V. Pangilinan as chairman of the Manila Electric Company (Meralco), following yesterday’s stockholders meeting.

Well-entrenched energy guy Oscar S. Reyes was also installed president and chief executive officer (CEO); leaving his post as chief operating officer and senior executive vice president at the firm.

Pangilinan noted there is no decision or discussion yet if the position vacated by Reyes will be filled up anytime soon.

Lopez, for his part, expressed his wish early on to concentrate on his duties as the country’s envoy to Japan especially so since the

government has been intensifying its efforts to attract more foreign direct investments from that territory.

Operations and investment-wise, the company noted that it is still looking at the same prospects – including ventures into smart grid which shall integrate smart metering systems and electric vehicles, power generation projects and exploring opportunities enabling it to acquire distribution utilities proximate to Meralco’s franchise area.

Beyond the 600-megawatt coal plant it has been moving forward into implementation in Subic, the company hinted plans of also scouring prospects on hydro and wind projects.

Reyes stressed that as far as rollouts of smart meters and EVs are concerned, the parameters they have been evaluating would be on how these can “bring value to their consumers.”

“There are new technologies we are exploring, such as smart grid. We are approaching them and look at ways on how they would be able to bring value to us and to our customers,” he said.

On forward investments in power generation, he reiterated the company’s interest to plunge into liquefied natural gas (LNG) facility. And while the nuclear option is being studied, he indicated that this will still be way far into the future.

On the acquisition of distribution utilities, Pangilinan hinted that they currently have “12 firms” in their “hot list”; and he categorized some as “fairly attractive prospects.”

He emphasized that some of these are private distribution utilities, while the others are electric cooperatives.

The newly-installed Meralco chairman noted that they will not necessary acquire all of the 12 utilities, but there are several that they find worth considering.

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Posted by on May 30 2012. Filed under Articles, Business, News from the Motherland. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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