SM RETAIL, Inc. has tapped MPower, the local retail electricity supply arm of Manila Electric Co. (Meralco), to supply 100% renewable energy (RE) to its largest establishments in Metro Manila.
MPower will supply renewable energy to SM Retail properties, including the group’s primary headquarters in Pasay City, the company said in a media release on Wednesday.
“SM Retail now stands among our valued customers to benefit from MPower’s competitively priced renewable energy portfolio. As a reflection of our commitment to sustainability, we will continue our efforts to meet the growing demand for renewable energy supply in the contestable market,” said Redel M. Domingo, Meralco’s first vice-president and head of MPower.
Under the Competitive Retail Electricity Market (CREM), qualified power customers consuming at least 500 kilowatts are allowed to choose their energy supplier based on their specific requirements.
“As a key player in the retail industry, SM remains vigilant of its environmental impact and social responsibility. With this partnership with MPower, we are on track with our goal of powering our facilities with renewable energy under CREM,” said Luis Lava, SM Retail’s vice-president for workplace and administration.
Last week, MPower said it has renewed its retail supply agreement with ABS-CBN Corp. to support the power needs of the media company’s operations.
MPower serves contestable customers, including top corporations within Meralco’s franchise area. The company has more than a 25% share of the CREM within Meralco’s franchise area.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
