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February 19, 2008 |
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MANILA ELECTRIC: Permitted to Continue Operations in 11 Sites The Manila Electric Company informed the Philippine Stock Exchange that the Energy Regulator Commission granted the company provisional authority to continue operating its electric services in eight areas in Laguna. According to a filing with the PSE, the ERC granted Meralco provisional permit to go with their operations in: 1. Barrios of Sucol, Bucal, Pansol, Bagong Kalsad and Masili in Calamba, Laguna 2. Majayjay, Laguna 3. Alaminos, Laguna 4. Los Banos, Laguna 5. Nagcarlan, Laguna 6. Liliw, Laguna 7. Rizal, Laguna 8. Sta. Cruz, Laguna 9. Victoria, Laguna 10. Bay, Laguna 11. Pila Laguna Headquartered in Ortigas, Pasig City, the Manila Electric Company -- http://www.meralco.com.ph/ -- is the largest utility in the Philippines, providing power to 4.1 million customers in Metropolitan Manila and more than 100 surrounding communities. As deregulation takes effect, Meralco is reducing its dependence on state-owned National Power Corp. by increasing the amount of power it purchases from independent power producers. Meralco is also preparing for competition by moving into non-regulated activities, including energy consulting, independent power production, engineering, fiber optics, e-commerce, and real estate. The Troubled Company Reporter-Asia Pacific reported on Dec. 14, 2007, that Standard & Poor's Ratings Services revised the outlook on its ratings on Manila Electric Co. (Meralco) to stable from negative. The 'B-' long-term issuer credit rating on Meralco was affirmed. |
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