Manila Electric Co.’s power arm Meralco PowerGen Corp. (MGEN) and its partners are embarking on 4,307.4 megawatts of power generation projects up to 2030.
MGEN said the expansion includes the 1,750-MW MTerra solar phase 1 project eyed for completion by 2026, the 750-MW MTerra solar phase 2 project by 2027, the 450-MW Lasso solar project by 2026, the 73-MW Toledo thermal expansion by 2028 and the 432-MW (Unit 4) expansion of Excellent Energy Resources Inc. by 2029.
The company is also building a 670-MW hydrogen-ready combined cycle gas turbine power plant in Jurying Island under Singapore-based Pacific Light Power. This is on top of Pacific Light’s 100-MW fast start power project under construction for completion this year.
Other ongoing projects for completion in 2025 are the solar facilities of MGEN’s renewable energy unit MGEN Renewable Energy Inc. (MGreen) such as the 50.1-MW Cordon Solar, the 12.5-MW Baras Solar Phase 2 and the 19.8-MW Bongabon Solar.
“With our growth projects we are now looking at 6,140 MW net attributable [by 2030]. Net attributable now is 2,610 MW,” MGEN president Emmanuel Rubio said.
Rubio said MGEN delivered 15,300 gigawatt-hours of energy in 2024, a 7-percent increase from the previous year’s.
“This performance reflects our strategic planning, operational stability, and active participation in the optimized market,” he said.
MGEN’s power generation entities sustained their strong performance, ending 2024 with a 10-percent consolidated core net income (CCNI) increase from a year ago, owing to operational stability and efficiency of its operating assets and its strategic participation in co-optimized market bidding for both energy and ancillary services in the Visayas grid.
Its subsidiary Global Business Power (GBP) delivered 5,652 GWh of energy in 2024 and saw its core income surge to P3.5 billion from P700 million on higher earnings from the reserve market.
San Buenaventura Power Ltd. (SBPL) generated 3,205 GWh, up 36 percent from the previous year’s and booked a core income of P3.2 billion, driven by higher plant dispatch.
MGreen maintained more than 93-percent availability rate and delivered a record 619 GWh of clean energy, an increase of 77 percent from 2023.
“As we closed another year of significant strategic growth and operational excellence, MGEN remains committed to delivering reliable and sustainable energy solutions. The successful expansion of our conventional and renewable portfolios, alongside major acquisitions, and strategic partnerships, strengthens our position as a leader in the power generation industry,” Rubio said.
“Our people are the heart of our operations. Their commitment, resilience, and passion fuel not just our growth but also the progress of the communities we serve. Together, we are powering a more sustainable future,” he said.
