Published May 25, 2021, 4:08 PM
Lopez-led First Gen Corporation confirmed that it remains very keen on buying the ‘banked gas’ that can still be extracted from the Malampaya field.
According to Jerome Cainglet, vice president of First Gen, “we have expressed our interest to purchase the banked gas for use of our gas-fired plants.”
He qualified that since the 2016 bidding set by the Philippine National Oil Company (PNOC), which is the government entity now owning the banked gas, First Gen continued “to be interested if PNOC will sell the banked gas.”
It was PNOC President and CEO Reuben S. Lista who indicated to Manila Bulletin that several parties still have standing offers to purchase the fuel – and he named First Gen, along with Phoenix Petroleum Philippines Inc. of businessman Dennis Uy and state-run Power Sector Assets and Liabilities Management Corporation (PSALM) as the prospective takers.
Published May 24, 2021, 12:47 PM
The Philippines is traversing its second wave of massive renewable energy (RE) developments; and providentially, local and foreign investors’ alike have their sights focused anew on this market.
Cover photo of the E-Book that shall guide Norwegian investors on investing in the energy sector of the Philippines that was prepared by Norconsult Mgt Services, Phils. Inc. for the Royal Norwegian Embassy in Manila.
The first investment rollouts in the 2014-2016 timeframe had been underpinned by the feed-in-tariff (FIT) perks, but as the country’s honeymoon with that incentive scheme had already been over, the next round of RE installations will have to lean mainly on other market sweeteners primarily the Renewable Portfolio Standards (RPS), net metering program, Green Energy Option Program (GEOP), as well as the envisioned trading of RE certificates via the Wholesale Electricity Spot Market (WESM).
Listed firm Phoenix Petroleum Philippines Inc., another company of businessman Dennis Uy, is reportedly offering to buy the Malampaya ‘banked gas’ of state-run Philippine National Oil Company (PNOC) that had been previously valued between $700 million to $800 million, approximately P33 billion to P3
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Metro Manila (CNN Philippines, May 21) Senator Imee Marcos is calling on the government to check if its plan to rehabilitate the decades-old Agus-Pulangi hydropower plants in Mindanao holds water.
The Agus-Pulangi Hydropower Complex, composed of seven mostly run-of-river hydroelectric power plants, is a burning issue, Marcos said during a Senate hearing on the proposed removal of the expiration period of the Joint Congressional Energy Commission.
The complex is currently owned by state-run Power Sector Assets and Liabilities Management Corporation (PSALM) and operated by the National Power Corporation, but the government can soon choose to have it privatized as the ten-year ban under the Electric Power Industry Reform Act or EPIRA lapses.
Published May 11, 2021, 12:19 PM
Fort Pilar Energy Inc., which is the winning buyer of the 650-megawatt Malaya thermal power facility, is a new company that currently has investment of P5.0 billion for 100-megawatt hour (MWh) battery energy storage system (BESS) facility in Zamboanga Peninsula, according to asset-seller Power Sector Assets and Liabilities Management Corporation.
Fort Pilar Energy’s win in the negotiated divestment of the Malaya plant on May 7 this year came as a major surprise in the power sector, because it had beaten more entrenched player AC Energy Corporation (ACEN) of the Ayala group in that privatization exercise of the government.