Meralco set to form new unit for power generation.

Byline: Emilia Narni J. David

Power distribution utility Manila Electric Co. (Meralco) is set to enter power generation after finalizing plans to form a new subsidiary that will install 1,500 megawatts (MW) of capacity by 2016.

Meralco Chief Executive Manuel V. Pangilinan told reporters the company's board has approved the establishment of a new subsidiary.

"The board, in principle, has given approval to those plans including the allocation of the relative expenses to set up the wholly owned subsidiary that will ... own these generation plants," said Mr. Pangilinan, who also heads the Philippine Long Distance Telephone Co. (PLDT).

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