MGen is the power-generating division of the Manila Electric Company (Meralco). The complete and formal name of the company is Meralco Powergen Corporation.
MGen relayed its present status in light of the coronavirus epidemic lately.
Philippine daily newspaper The Philippine Star reported that the Meralco unit is carrying on with its other building projects in Bulacan and Tarlac.
MGen is reportedly performing this measure while it is awaiting the delivery of the photovoltaic or solar panels.
The company ordered these necessary construction materials from coronavirus-hit China.
Rogelio Singson is the chief executive officer and president of MGen. He affirmed that their construction initiatives in the two provinces are ongoing.
He mentioned that they have already completed the site-clearing measure. Furthermore, Singson relayed that they have finished the fencing procedure on the two sites.
MGen confirmed that it is struggling with its initial wave of solar initiatives.
This situation comes as it experiences the suspended delivery of the solar panels because of the coronavirus epidemic.
Singson verified that the Bulacan solar project is in a challenging position.
He confirmed that this situation is because the solar panels and the contractor for the site are both originating from China.
Moreover, Singson described the Tarlac-based solar project as another initiative profoundly affected by the global crisis.
He said that they originally intended to complete this project in the middle of 2020.
Also, the MGen CEO affirmed that this provincial venture has nearly 30 percent of the needed materials already delivered.
MGen is reportedly hoping that this summer, the needed solar panels for their projects are already in their possession.
Meralco’s affiliate company commits to carry out the development of renewable energy initiatives amounting to 1,000 megawatts.
In the coming five to seven years, MGen is targeting the completion of this goal. Singson affirmed that they remain dedicated to resorting to decontaminated energy.
The other plan of MGen consists of the development of large-scale power initiatives.
They include wind, hydropower, and solar energy. Besides, the company said that they desire to offer dependable and eco-friendly power.
They would provide it without the need for subsidy. Plus, MGen said that they would offer these kinds of power with competitive prices.
On Wednesday, February 26, 2020, the Manila Electric Company (PSE: MER) closed at P257.00.
This last trade price of the company’s stock indicated that it is down 5.00, or 1.91 percent.
The total value reached P155,070,206.00. The Philippine Stock Exchange recorded the 52-week high of Meralco at P391.00.
Meanwhile, the power distributor’s 52-week low is at P255.20.