MANILA/TOKYO -- Philippine conglomerate Ayala plans to exit coal-fired power generation by the end of the decade, becoming the first major power company in Southeast Asia to quit the fossil fuel.
The move by Ayala's energy unit reflects a broader shift in the region toward renewable energy, whose cost is now on par with that of fossil-fuel power generation. The trend will be a blow to Japanese plant exporters that relied on the region, including Mitsubishi Heavy Industries.
