Meralco looking to acquire more distribution utilities
MANILA, Philippines – The Manila Electric Co. (Meralco) is looking to acquire distribution utilities (DUs) in order to expand its presence in the distribution sector especially outside of its franchise area.
Meralco chairman Manuel Pangilinan said that the utility firm is currently looking to acquire two DUs. “We’re still looking at more. I think there are 1 or 2 outside Luzon,” he said.
Pangilian shared that he was unsure of the timeline however, saying “Maybe even just one acquisition this year. I can’t predict it.”
The utility firm has a franchise service area covering 9,337 square kilometers and distributes power to over five million customers in 34 cities and 77 municipalities in Metro Manila, the provinces of Rizal, Cavite and Bulacan, and parts of the provinces of Pampanga, Batangas, Laguna and Quezon.
It supplies power to about 75% of the power in Luzon and 55 % of the whole country.
Meralco President Oscar Reyes earlier said that Meralco is “looking for new opportunities in new areas.”
In particular, Reyes said the utility firm is “looking in the north from Pampanga all the way to La Union. In the south, from parts of Laguna, where we are not yet there, to Batangas.”
He added that Meralco’s interest could extend “as far as parts of Visayas and Mindanao.”
“There are areas where Meralco can be of value because we have the resources, we have the track record, and we have the experience,” Reyes said. – Rappler.com