POWER retailer Manila Electric Company (Meralco) is exploring the possibility of partnering with existing generating firms to develop its own generating capacity.
Oscar Reyes, newly appointed chief operating officer and senior executive vice president of Meralco, said they are looking at the "potential of developing our own generation capacity".
“An integral part of our overall initiative is to identify, develop and secure stable sources of reliable and cost-competitive power, with the end in mind of benefitting our customers while enhancing value to our shareholders," he said.
Meralco, the country's biggest power distributor, confirmed the appointment of Reyes to his new position in a disclosure to the Philippine Stock Exchange Friday.
He is taking the position of Jose "Ping" de Jesus who was appointed Transportation Secretary by President Benigno “Noynoy” Aquino III early this week.
Aside from the Meralco portfolio, Reyes also sits as one of the directors of Philippine Long Distance Tel. Co. and chairman of MRL Gold Phils. Inc. and Link Edge Inc.
He is also a member of the board of directors of the Bank of the Philippine Islands, Manila Water Co. Inc., Smart Communications Inc., Pepsi Cola Products Philippines Inc., Basic Energy Corp., Sun Life Financial Plans Inc. and First Philippine Electric Corp.
He is member of the board of trustees of the Pilipinas Shell Foundation Inc., SGV Foundation and El Nido Foundation Inc.
Reyes’s lofty credentials also include stints at the Shell Companies in the Philippines as country chair from 1997 to 2001 and concurrently the managing director of Shell Philippines Exploration BV until 2002.
He served as the management adviser of Shell Philippines Exploration BV and as CEO adviser of Pilipinas Shell Petroleum Corp. from 2002 to 2004.
Reyes earned his economics degree at the Ateneo de Manila University in 1965. He also took post-graduate studies at the Ateneo Graduate School of Business, Waterloo Lutheran University and Harvard Business School. (Virgil Lopez/MSN/Sunnex)