Manila Electric Co. (Meralco) is evaluating the impact of the Middle East crisis on consumer electricity rates as global fuel prices fluctuate, chairman Manuel Pangilinan said Wednesday.
The country’s largest power retailer is reviewing its fuel position, specifically regarding liquefied natural gas, coal and diesel.
Recent hostilities in the Middle East have pressured energy markets, particularly amid fears of a potential closure of the Strait of Hormuz.
Pangilinan said on social media platform X that Meralco aims to ensure an adequate power supply and manage price volatility where possible. He said he has instructed his team to protect consumers as the cost of goods rises globally.
About 60 percent of Meralco supply is derived from natural gas, divided equally between local and imported sources. Coal accounts for 20 percent to 25 percent, renewable energy makes up 10 percent and the remaining 5 percent to 10 percent is sourced from the Wholesale Electricity Spot Market.
“It would also help if we’re mindful of our electricity consumption as the war in the Middle East continues,” Pangilinan said.
“We import much of the fuel used to generate power — we can all help to have enough power to get through the next few weeks if we conserve power,” he said.
Meralco vice-president and head of economics Lawrence Fernandez said customers would not see the impact of the conflict in their March billing yet.
He said March prices are determined by market activity in February, meaning any price shifts would likely appear in April at the earliest.
While major LNG supplier Qatar has faced facility shutdowns due to the hostilities, Fernandez said that the Philippines maintains alternative sources, including Malaysia and Australia.
He said while supply remains available, the company is closely monitoring the price of energy commodities.
Meralco serves more than 8.2 million customers in the Philippines.
