Panay Electric Company Inc. plans to invest P1.1 billion in the next 10 years to improve services, introduce smart technologies and meet the anticipated increase in demand.
PECO head of public engagement and government affairs Marcelo Cacho said part of the investment included P205 million to put up and replace meters with smart meters over a five year period.
He said the P1.1-billion investment also included a budget for three substations that would meet the demand of real estate developers, such as Megaworld Corp, Gaisano and Western Land Property Development Inc.
“While the future of energy is in the power choice, the good news is that the future is now starting to happen here in the Visayas, particularly in Iloilo. We have initiated quite a few innovations in energy distribution that will ultimately benefit our customers,” said Cacho.
He said PECO launched its Smart Metering project that included prepaid metering, real-time wireless meter reading, automatic disconnection and reconnection, and an overall lowering of rates due to customer load profiling.