PHINMA Energy mulls gas, hydro power projects

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PHINMA Energy Corp. is exploring the viability of putting up four power plants—three gas-fired and one hydroelectric—with a total capacity of 925.6 megawatts (MW), a top executive said onThursday.

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PHINMA President and Chief Executive Officer Francisco Viray told reporters the company has requested for a grid impact study to determine the viability of three combined cycle gas turbine (CCGT) power facilities and one hydroelectric power plant in various parts of the country.

These projects are the 383-MW Sta. Ana CCGT power plant in Cagayan, the 383-MW Sual CCGT floating power plant in Pangasinan; the 138-MW Argao floating CCGT power plant in Cebu, and the 21.6-MW Ilog hydroelectric power plant in Negros Oriental.

Among the factors to be considered for these projects are supply and demand issues and the transmission cost, he said.

Funding for the projects may come in the form of an equity issue or securing a financing facility, he said.
In April, the publicly listed company said it had not yet abandoned its intention to build a receiving terminal for imported liquefied natural gas (LNG) in Pangasinan. PHINMA Energy Senior Vice President Raymundo Reyes said at the time the project was still being assessed.

Energy Secretary Alfonso Cusi said last week the government was in the process of finalizing a natural gas policy that would allow the Philippines to partner with Asian neighbors including China, Japan, Singapore.
The Department of Energy (DoE), according to Cusi, was considering three models: sourcing LNG from domestic sources, importing it, or a combination of both.

PHINMA Energy, formerly Trans-Asia Oil and Energy Development Corp., is engaged in power generation and supply, with secondary investments in petroleum and geothermal exploration.

The company has a combined capacity of almost 500 MW from its own power plants and partnership ventures.

On Friday, shares of PHINMA Energy gained 0.56 percent to close at P1.78.

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