MIC chief backs NGCP funding, energy group warns of risks

Maharlika Investment Corporation (MIC) president Rafael Consing Jr. expressed support for Speaker Martin Romualdez's proposal to invest MIC funds in the National Grid Corporation of the Philippines (NGCP), but an energy think tank director raised concerns over potential risks.

Consing highlighted that such an investment would lead to lower energy costs and a more reliable power grid, contributing to economic prosperity, while emphasizing the need for careful due diligence.

The NGCP needs substantial capital for upgrades as renewable power generation increases volatility in the grid, according to Consing, but recent issues with rotating brownouts in Western Visayas have raised doubts about the wisdom of this investment.

Gerry Arances from the Center for Energy, Ecology, and Development questioned whether MIC's proposed investment would solve policy failures delaying modernization and suggested it might provide NGCP access to public funds without necessary oversight.

Despite these concerns, renewable energy developers like Jose M. Layug Jr. expressed appreciation for MIC’s potential role in fostering public-private partnerships to accelerate RE development, emphasizing the importance of improving infrastructure to scale up power plant installations.