Power retailer Manila Electric Co. allocated a budget of P20 billion for 2021 capital expenditures.
Jose Ronald Valles, head of Meralco’s regulatory affairs, said the company plans to file the capex application with the Energy Regulatory Commission this week.
“That’s the usual load growth and reliability and network capex, and capex for smart meters to address what’s happening today,” Valles said, adding that Meralco sought approval to install 100,000 smart meters.
Meralco implemented a P6.9-billion capex budget in the first six months this year, or 36 percent lower than in 2019 as a result of the imposition of the community quarantine and limited resumption of projects and operations across all sectors.
Meralco chairman Manuel Pangilinan said while power demand was slightly going up, the country’s economic growth recovery would be dependent on the availability of vaccine for COVID-19.
“Hopefully by year-end…It will take us a while… because we are not first round of recipient of the vaccine,” Pangilinan said.