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Wednesday, May 28, 2014

Meralco signs 25-year deal to distribute power within Cavite ecozone

The country's biggest power retailer has signed a 25-year deal to distribute electricity within the Cavite Ecozone (CEZ).

In a disclosure to the Philippine Stock Exchange, Manila Electric Co (Meralco) said it entered into a concession agreement, effective until May 2039, with the Philippine Export Processing Zone Authority (PEZA) for the operations and maintenance of the power distribution facilities in CEZ.

PEZA is the agency tasked to promote investments, assist, register, grant incentives to foreign investors in export-oriented manufacturing and service facilities operating inside economic zones.

In the first quarter, Meralco earned a P4.1 billion, which is about the same level as last year.The flat growth was blamed on soft electricity consumption due to consumers' growing access to energy efficient lighting and appliances.

Concerns on electricity prices also had an impact on consumption, the utility's executives said.

- Interaksyon

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