THE Manila Electric Co. (Meralco) signed last week a memorandum of understanding (MOU) with the Tokyo Electric Power Co. Inc. (Tepco).
Under the MOU, Meralco and Tepco will exchange best practices that can lead to innovative energy solutions which will positively impact electricity customers in both countries.
“The continuing partnership with Tepco is another milestone for the company as it opens opportunities for development to Meralco. This will further strengthen Meralco’s delivery of services to its customers,” Meralco President Oscar Reyes said in a statement.
Meralco is the country’s largest distribution utility with over 5.5 million customers. It is also known to pioneer energy solutions and innovations such as prepaid electricity Kuryente Load, E-Vehicles and Power Stations, and the Meralco Virtual Engine (MovE) mobile application, among others.
Tepco, on the other hand, has been in the energy industry for more than 60 years and is known to offer innovations such as next-generation car battery. It owned the power plant at Fukushima Dai-ichi that was the site of a continuing nuclear disaster after an earthquake and tsunami in 2011. That disaster is considered one of the world’s most serious and dealt a major blow in Tepco’s revenue flow.
Nonetheless, in its third-quarter earnings report for fiscal year 2014, Tepco said last month both sales and profits of April through December “increased for three years in a row.” Profits will also be secured in FY 2014 full-year earnings forescasts.
Tepco said ordinary income recorded the highest level in the past mainly due to fuel-cost adjustments. It credited the increase in sales and profits to fuel-cost adjustments and extensive cost-reduction efforts. Meralco said it could learn from Tepco “an efficient way of power restoration during natural calamities.”