MERALCO PowerGen Corp. (MGen), the power generation arm of Manila Electric Co., aims to double its net saleable and attributable power capacity over the next five years through growth projects in the Philippines and Singapore.
MGen president Emmanuel Rubio said over the weekend the company’s net saleable capacity from its diverse energy portfolio stood at 5,068 megawatts (MW) as of July 2025, with an attributable capacity of 2,559 MW.
“MGen expects to double its capacity by having 10,346 MW of net saleable capacity and 5,288 MW attributable capacity by 2030 through its growth projects such as the MTerra Solar Project, Atimonan One Energy Project, Toledo Expansion, EERI’s Unit 4, and PLP’s CCGT hydrogen-ready power plant,” Rubio said.
This figure excludes the proposed MTerra Solar project 2.
Rubio added that the company is poised to exceed its original attributable capacity target of 1,500 MW ahead of its 2030 timeline as the MTerra solar project nears completion.
“With Phase 1 on track for completion by early 2026 and Phase 2 targeted the following year, MGen is set to exceed its 1,500 MW attributable energy capacity goal by 2027, three years ahead of the original 2030 timeline,” he said.
Backed by the strong performance of its growing power generation portfolio, MGen’s consolidated core net income contribution to Meralco increased by 52 percent in the first semester.
This was driven by higher revenues from its participation in the reserve market, investment in Chromite Gas Holdings Inc., the commissioning of a new 100-MW plant in Singapore, and improved plant availability across its portfolio.
MGen delivered a total of 12,644 gigawatt-hours (GWh) of energy during the six-month period, a 66 percent increase year-on-year. It also achieved over 8.9 million safe man-hours for the first half of 2025.
Core income from MGen’s thermal plants grew to P3.6 billion from P1.9 billion last year and delivered 4,591 GWh, up 4 percent due to stable operations.
The thermal fleet continues to play a critical role in ensuring grid reliability, with a substantial portion of capacity allocated to regulating and contingency reserves support.
MGen’s liquefied natural gas investments through Chromite Gas and Singapore-based PacificLight Power Pte Ltd. delivered 4,800 GWh and 2,865 GWh, respectively. Meanwhile, MGen Renewable Energy Inc. (MGreen) delivered 387 GWh, a 13 percent increase with the contribution of its newly operational solar power plants and more than 98 percent average plant availability.
The company has secured the Department of Energy’s reaffirmation of the status of its Atimonan One Energy Inc. 1,200-MW ultra supercritical coal-fired power project as a committed project. This followed the agency’s confirmation that the project remains outside the coverage of the coal moratorium policy.
To help improve grid stability in the Visayas region, MGen is also developing a 49-MW Battery Energy Storage System (BESS) in Toledo, Cebu. The initial 25-MW capacity is targeted for completion by 2026, with the remaining balance due in 2027.
Overseas, PacificLight was recently awarded the right to build and operate a 600-MW greenfield combined cycle gas plant in Jurong Industrial Park.
Upon completion, this will bring the total operating capacity in Singapore to 1,500 MW by 2029.
“MGen’s solid performance in the first half of 2025 reflects the strength and dynamism of our generation portfolio,” Rubio said. “From thermal and LNG to renewables and battery storage, we are scaling up investments that push our growth and profitability forward, ultimately delivering greater value to our stakeholders. We are proud of the progress we have made so far and remain steadfast in contributing to One Meralco’s drive for a more secure, affordable, and sustainable energy future.”
