INVESTORS played with Manila Electric Co. (Meralco) shares last week over news that it has secured an exemption from the competitive selection process (CSP) for its emergency power supply.
Also influencing Meralco’s performance is news that the electricity distributor is looking into nuclear energy
Timson Securities, Inc. Head of Online Trading Marc Kebinson L. Lood said in a Viber message that SMC Global Power Holdings Corp.’s decision to stop supplying Meralco effective Dec. 7 caused its stock price to drop. Jose Ronald V. Valles, Meralco’s first vice-president and head of its regulatory management, said an offer was made by Aboitiz Power Corp. to supply Meralco the equivalent power capacity of 300 MW until Jan. 25, 2023.
Mr. Lood warns of higher energy prices that may be a “key risk” for the company in 2023. However, he said if oil prices decline then the power distributor’s margins will improve.
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