Manuel V. Pangilinan, a director of MERALCO and most importantly heads Metro Pacific Investments Corp. (MPIC) and telecoms giant PLDT said that he had encouraged MERALCO to look into clean energy power generation so as to improve its bottom line along with providing a full spectrum of energy to consumers.
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Petroenergy Resources Corp disclosed to the Philippine Stock Exchange (PSE) that they would undertake a stock rights offering in order to finance their foray into the emerging renewable energy sector. The company is initially known to be as an oil exploration company with oil prospects in the Philippines and Gabon Africa. With their entry into renewable energy generation they plan to setup a subsidiary for this venture that will have a capitalization of P200 M.
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Phil-Korean Renewable Energy Corp will start building next month a 30MW Biomass plant in Palawan Island that that will use waste wood chips from an 30,000 hectare Ipil-Ipil and Coconut plantation as feedstock. The project is estimated to cost $71.3 Million and will be finished in two years.
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The battle for the privatization of the 246 MW Angat Hydroelectric Power Plant in Norzagaray Bulacan gets competitive as major players announced their intent to join in the public bidding that is going to be conducted by Power Sector Assets and Liabilities Management Corp. (PSALM).
Those conglomerates who expressed their intent to bid for the project were the Ayala Group (in partnership with Metro Pacific Investments Corp.), San Miguel Corp., Aboitiz Power Corp, and the Lopez Group’s First Gen Holdings Corp.
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A report released by the Department of Energy stated that over 4,135 MW of energy will be added to the grid by 2016 via 37 active projects. 80% of these projects are said to be Renewable Energy projects.
These power projects are said to be in various stages of development. Some of which are conducting feasibility studies, others are seeking funds, while others are doing market analysis. With this, it would be safe to assume that there could still be a probability of these projects not pushing through.
The Renewable Energy projects consists of:
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Feed-in Tariff’s (FIT) draft rules were released by Energy Regulatory Commission (ERC) that will regulate the establishment and approvals of FITs for the renewable energy charge (REC) collected from the consumers and paid to the renewable energy based electricity producers. Specifically energy derived from: wind, solar, ocean, run-of-river hydro power and biomass.
The FIT basically offers guaranteed payments per kilowatt-hour to renewable energy developers for the electricity they produce as an incentive for entering this business which will help them recoup their investment faster. Am not sure if this was the incentive covered in the Renewable Energy Law of the Philippines (item no. 5).
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