Home Economy Former AboitizPower CEO to lead Meralco’s power unit

Former AboitizPower CEO to lead Meralco’s power unit

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EMMANUEL “MANNY” V. RUBIO

MERALCO PowerGen Corp. (MGen), the power generation investment arm of Manila Electric Co. (Meralco), has appointed Emmanuel “Manny” V. Rubio as its president and chief executive officer (CEO), effective July 1.

Mr. Rubio, formerly president and CEO of Aboitiz Power Corp. (AboitizPower), is expected to bring “a wealth of experience and expertise to MGen,” the company said in a statement on Sunday.

“Rubio’s career in the power industry is distinguished by a proven track record of exceptional leadership and success through the various executive positions he held in AboitizPower and its subsidiaries over the past years,” MGen said.

The company said Mr. Rubio is expected to oversee “the success of the company’s plans and strategies that are well aligned with the government’s pursuit to achieve energy security and global sustainability goals.”

“Manny Rubio will play a very important role as MGen actively pursues growth prospects that will bring long-term value not just to the company, but also to the projects’ host communities and our country,” Meralco Chairman and CEO Manuel V. Pangilinan said.

“We are excited to have him on board as we look forward for his fresh perspectives and innovative ideas that will steer the power generation company towards becoming a reliable partner of the government in achieving inclusive and sustainable economic growth,” he added.

Mr. Rubio succeeds Jaime T. Azurin as member of MGen Board of Directors, which is also chaired by Mr. Pangilinan. Mr. Azurin will remain as president of Global Business Power Corp., a wholly owned subsidiary of MGen.

The company said his leadership will help achieve its goal to expand its presence in the renewable energy space with additional 1,500-megawatt (MW) capacity. It will also help the company realize its significant investments including the planned integrated liquefied natural gas (LNG) facility that is currently in the pipeline.

In March, MGen and Therma NatGas Power, Inc., the wholly owned subsidiary of AboitizPower through Therma Power, Inc., formed a joint venture company to pursue their investment in two gas power plants of San Miguel Global Power Holdings Corp. (SMGP).

The two companies signed an investment agreement to acquire equity interest in Chromite Gas Holdings, which will invest in the 1,278-MW Ilijan power plant and a new 1,320-MW combined cycle power facility that is currently under construction.

Together with SMGP, the joint venture company will also invest in LNG import and regasification terminal owned by Linseed Field Corp., a unit of Atlantic Gulf & Pacific Co.

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

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