POWER retailer Manila Electric Co. (Meralco) is eyeing to construct a 300-megawatt (MW) hydroelectric power plant in Luzon within the near term, Senior Executive Vice President Oscar Reyes  told reporters.

The Meralco official said the plan forms part of the second wave of power plant projects they plan to put up after completing the 600-MW Subic coal-fired power plant.

Reyes said they are looking at setting up 150 to 300-MW of multipurpose hydropower plant projects based on their initial studies.

“With a hydropower project, you could have a bulk water and power. But its supply for Metro Manila since you’ll have a source that is reasonably near to the market and that would be, I think we’re looking at the Sierra Madre area, Kaliwa and Kanan rivers, and Laiban, which would be led by bulk water. We’re just exploring what the opportunities are,” he said.

Reyes added that they are looking at putting up another 600 MW of either a coal or natural gas fired or liquefied natural gas (LNG) power plant.

“We’re exploring three options, one is coal; second option is natural gas, or LNG. If more natural gas become available from Malampaya with what they’re doing in the second phase of the Malampaya [development] for new areas then we would prefer natural gas because it’s indigenous,” Reyes said.

He noted that that they yet to determine the size of the LNG project, as such will depend if the facility would be land-based or a floating facility.

Reyes said they also might look for partners for these new power generation projects.

“It’s open. We’re partner agnostic. I think to us we will partner with whoever brings better value both for our customers and for us,” Reyes said.

He noted that they hope to complete these projects by 2016 to 2017, and they are currently doing studies on these plans.

Meralco earlier formed Meralco PowerGen Corp. in an effort to reduce rates and secure electricity supply.

Under current regulations, power retailers such as Meralco can source electricity from its own power plants provided they do not exceed more than half of their total requirements.