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Manila Electric to Spend $150M for Power Plant, Pangilinan Says

Jan. 18 (Bloomberg) -- Manila Electric Co., the Philippines’ largest power retailer, plans to spend $150 million to build a power plant with a capacity of as much as 150 megawatts, President Manuel Pangilinan told reporters today.

The company expects 2010 profit of around 11 billion pesos, Pangilinan said. His group is not in talks to buy the Lopez family’s remaining stake in Manila Electric, Pangilinan said. The power plant will begin operations in 2012, Pangilinan said.

To contact the reporter on this story: Cecilia Yap in Manila at cyap19@bloomberg.net

To contact the editor responsible for this story: Clarissa Batino at cbatino@bloomberg.net

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