Thursday, September 30, 2010

Meralco sees lower power rates in October

Manila Standard Today
by Alena Mae S. Flores
Manila Electric Co., the country’s biggest power retailer, said its generation charge in October will decline following lower rates from so-called independent power producers.
Meralco said the IPP rates dropped by an average of P0.12 per kilowatt-hour, with Quezon Power Philippines Ltd. registering the biggest reduction of P0.26 per kWh.
It said the generation charge of the Sta. Rita and San Lorenzo natural gas power plants controlled by First Gas Power Corp. declined by P0.09 and P0.065 per kWh, respectively. Meralco’s other IPP is National Power Corp.
“The reduction in IPP rates is largely due to the higher capacity factor for all three IPPs, resulting in lower fixed cost per kWh. For the supply month of September, the capacity factor for Quezon Power, Sta. Rita and San Lorenzo reached 96.7 percent, 92.29 percent and 96 percent, respectively,” the company said.
“Meralco has always emphasized that if the IPP plants reach higher dispatch levels, this will result in lower power rates charged by these plants,” it added.
Meralco said it expects Napocor’s rates to decline due to the reduction in its fuel purchase power cost adjustment and foreign exchange adjustment for August as ordered by the Energy Regulatory Commission.
The generation charge, which is the electric bill’s biggest component, averages about 60 percent of a customer’s average monthly power bill. The charge goes directly to Meralco’s power suppliers.

Kepco buys BG’s gas stake

Manila Standard Today
Korea Electric Power Corp., South Korea’s biggest electricity producer, agreed to buy the 40-percent stake of BG Group Plc in two gas-fired power plants in Batangas province for $400 million.
Korea Electric beat other global companies for the stake, the Seoul-based utility said in an e-mailed statement Wednesday. The stake purchase in an overseas power plant is a first for a South Korean company, Korea Electric said.
The state-run utility and its units are venturing overseas, including the Middle East and Southeast Asia, to diversify revenue sources and counter slower growth in domestic sales. BG Group Plc, the UK’s third-largest oil and gas company, has been selling its power-generating assets this year to focus on projects in Brazil, Australia and the US.
BG agreed in July to sell its interest in Premier Power Ltd. to AES Corp. and in April divested its 50 percent stake in Seabank Power Ltd. for about $320 million to Cheung Kong Infrastructure Holdings Ltd.
The two gas-fired plants in the Philippines with a combined capacity of 1,500 megawatts supply electricity to the main Luzon gird and generated $1 billion in revenue last year, according to Korea Electric Power. First Philippines Holding Co. owns the rest of the facility.
Korea Electric is currently operating plants in the Philippines, with capacity totaling 2,218 megawatts, or 10 percent of the country’s power generating market.
First Philippines earlier said it might exercise its right of first refusal on Korea Electric, a major competitor in the Luzon grid.
First Gen Corp. president Francis Giles Puno said a possible partnership in the 1,000-MW Sta. Rita and 500-MW San Lorenzo natural gas projects “may not be necessarily be feasible.” The Lopez-owned First Philippines own 60 percent of the two plants.
First Gas Holdings Corp. fully owns First Gas Power Corp., the project company of the Santa Rita power plant. First Gas Holdings is 60 percent owned by First Gen and 40 percent owned by BG Consolidated Holdings (Philippines) Inc.
First Gas Power also owned the San Lorenzo plant. It is 60 percent owned by Unified Holdings Corp. of the Lopez group and 40 percent owned by BG Philippines Holdings, Inc.
Puno said Kepco operates another gas power plant--1,200-MW Ilijan combined cycle power plant also in Batangas--and is a competitor of First Gen.
“The issue... is that [we are] in potential conflict with the likes of Kepco,” he said.
He said First Gen would likely exercise its right of first refusal [because our] partner “may have differing plans that could run in conflict with us.” Bloomberg, Alena Mae S. Flores

Non-hydro power plants in Mindanao pushed


Sunstar Network
Thursday, September 30, 2010
MANILA -- The government is pushing for construction of non-hydro power plants to address power problem in Mindanao.
This is part of the government’s long-term solution to generate sufficient power supply for the province.
Energy Secretary Rene Almendras told Malacanang reporters Thursday that they are concentrating on building and enhancing coal-fired power plants to ease energy problem as early as the first quarter of next year.
Included in their list is the 200 megawatt (MW) enhancement of Steag, a hard-coal-fired plant in Mindanao and building of another 200 MW coal-fired power plant.
“Steag one is being rushed to get something moving by the first quarter of next year,” he stressed.
He estimated that the two projects will be done by 2013.(Jill Beltran/Sunnex)

Up to 12-hour power outages still hound parts of Mindanao


By Edith Regalado (The Philippine Star) Updated September 30, 2010 12:00 AM Comments (0) View comments


DAVAO CITY, Philippines – Most parts of Mindanao are still experiencing eight to 12 hours of daily power outages even if the dry spell brought about by the El Niño phenomenon during the first half of the year has already ended.
Manuel Orig, Aboitiz Power first vice president for Mindanao affairs, said power curtailment has continued in most parts of Mindanao because the National Grid Corporation of the Philippines (NGCP) has undertaken a major rehabilitation project for transmission lines in various parts of the island.
“This power curtailment will continue as long as the power supply in Mindanao remains the same and the demand increases,” Orig said.
Orig stressed the need for more investments in the power industry to finally resolve the energy crisis that Mindanao has been experiencing.
“The demand for power in Mindanao is not proportionate to the actual supply the island has at any given time. There will always be a power shortage if the demand grows higher and the supply remains at the same level as many years ago,” Orig said.
The dry spell in the first half of the year caused an extreme power shortage in Mindanao, triggering 12-hour blackouts.
Mindanao is largely dependent on hydroelectric power from two main sources – the Pulangi River in Bukidnon and Lake Lanao in Marawi.
However, the power curtailment has continued even if the rains have started and the water levels in Pulangi River and Lake Lanao have increased.

According to the NGCP, Mindanao has at present an available capacity of 1,144 megawatts and a peak load of 1,168 MW, or a load generation deficiency of 24 MW.
This, as a long-term roadmap that will maximize the use of other power sources in Mindanao shall be drawn up by different agencies led by the Mindanao Development Authority (MinDA).
MinDA chairperson Luwalhati Antonino said one of the key strategies identified in the roadmap is a Mindanao Energy and Power Development and Sustainability Plan that sets clear policies and strategies, and coherent programs and projects for long-term power reliability.
Rene Ronquillo, chief operations officer of Hedcor Power Corp., said that aside from the just-inaugurated 42.5-MW hydroelectric power plant in Sibulan, Sta. Cruz, Davao del Sur, the power company is also bent on expanding in other parts of Mindanao.
 “We have two plants in Sibulan now that are 42 MW in total and then we are looking at the redesigned Tamugan plant. In the past, that used to be two plants with a total of 27 MW and the new scheme is down to 11 MW,” Ronquillo said.
“We had to bring it all the way down, far away from what we call the aquifer charging zone of the city, so sana hindi na issue yun (it won’t be an issue anymore),” Ronquillo said, adding that they are also looking at other project sites, probably in Compostela Valley.
As of 2008, the installed capacity in the Mindanao grid was 1,993 MW while the dependable capacity was 1,682 MW.
In the second quarter this year, the average and peaking capabilities of the plants dropped to 771 MW and 860 MW, respectively, hence brownouts reached four to six hours daily.
The average generation capability of hydroelectric plants exhibited the biggest drop, mainly due to the adverse impact of the El Niño phenomenon.
The average capability was at its lowest during the summer months when it dropped by about 90 percent.
“The risk of power shortage is our continuing challenge, that’s why energy programs and projects should be prioritized,” said Antonino.

Angat dam operations back to normal

Manila Times
BY EUAN PAULO C. AÑONUEVO REPORTER
THE operations of the Angat dam are now back to normal after state-owned National Power Corp. (Napocor) completed repairs at the facility. Napocor said that the repairs it conducted on Metro Manila’s primary water source was concluded as scheduled at 6 a.m. on Wednesday. 

“After the repairs have been accomplished, we undertook the watering of the penstock, which means that we have to gradually let the water flow out. This is to preserve the structural integrity of the penstock, and by 8 a.m., all operations are back to normal,” the power firm said. 

The Angat dam supplies around 97 percent of Metro Manila’s potable water supply. Napocor, which owns a hydroelectric power plant attached to the facility, operates the reservoir. 

Repair works at the dam started Tuesday to maintain the integrity of the level of control over the facility’s water supply. This was to prevent over releases to Ipo dam, which acts as impounding area for water released from Angat. 

The shutdown of the Angat dam, however, resulted to the disruption of Maynilad Water Services Inc.’s water distribution service in the west zone of Metro Manila. 

Areas that were hit by zero water supply for the past days include Quezon City, Las Pinas, Malabon, Valenzuela and Caloocan. On the other hand, other May-nilad covered areas, experienced low water pressure. 

Despite the resumption of Angat’s operations, Cherubim Ocampo, Maynilad spokesman, said that it would take time before the utility’s service normalizes, as it takes about eight hours for water from the dam to reach the company’s treatment facilities; an hour and a half for the water to be treated; and another eight hours to distribute the water to the farthest point in its network. 

Manila Water Co. Inc., which distributes water to the other half Metro Manila, was not affected by the Angat’s shutdown, it was able to source supply from its own dedicated aqueducts and the La Mesa dam.

Meralco poised to exceed net income target of P11b

Manila Standard Today
by Alena Mae S. Flores
Manila Electric Co., the country’s largest power retailer, expects to surpass its P11-billion core net income target this year due to higher sales and volume growth, chief finance officer Betty Siy-Yap told reporters Tuesday.
“Yes, we’re on track on P11 billion. We do expect that we will surpass it by a little bit,” Siy-Yap said after a hearing of the Committee on Energy at the House of Representatives.
Siy-Yap said Meralco sales volume grew 11 percent in August compared with a 4-percent expansion in August.
“That [growth] will be tempered as we go to the end of the year because of the lower number of days in December due to the holidays,” Siy-Yap said.
Siy-Yap said the industrial sector drove the higher sales volume this year as the sector slowly recovered from the US economic slump.
“I go back to 2008 where the volume was very low. Even through 2009, it wasn’t really much but you’ll see semiconductors coming in [this year]. The services, commercial and residential sectors contributed to the growth,” she said.
The official said Meralco’s sales volume usually goes down toward the last quarter of the year due to cooler weather.
“We [also] had a rate adjustment in April. It was supposed to be January but it took effect April this year,” she said.
The Energy Regulatory Commission allowed Meralco to increase rates by an average of P0.2690 per kilowatt-hour for the distribution, supply and metering charges in April as part of the performance-based rate setting scheme.
Meralco president and chief executive Manuel Pangilinan said in May that the company expected to hit a core net income of P11 billion this year, up 57 percent from P7 billion in 2009, due to the recovery of the industrial sector and the rate increase approved in April.

ADB sells inaugural $232.2-million Clean Energy bonds for AsPac

By Donnabelle L. Gatdula (The Philippine Star) Updated September 30, 2010 12:00 AM Comments (0)View comments


MANILA, Philippines - Multilateral lender Asian Development Bank (ADB) has sold $232.2 million worth of Clean Energy bonds to support its renewable energy and energy efficiency projects in Asia and the Pacific, the bank said in a statement yesterday.
ADB’s inaugural Clean Energy bond issue follows the successful sale in April of its first Water Bond that is supporting ADB’s work in the water sector in Asia and the Pacific.
As part of its energy policy, ADB is targeting $2 billion a year in clean energy investments by 2013. ADB will provide assistance to clean energy projects in an amount at least equal to the amount raised by the latest bond issue.
“The healthy sale of the Clean Energy bonds shows a clear desire among Japanese investors to see funds committed to clean energy projects that will help improve the environment but ensure sustainable growth in the region,” said ADB treasurer Thierry de Longuemar.
Rapid economic expansion in Asia and the Pacific has caused rising greenhouse gas emissions and put heavy pressure on energy resources. At the same time, millions of people in many parts of the region have no access to basic energy, undermining their livelihoods and holding back development in the region, the ADB noted.
The bond comprises four tranches; four-year bonds denominated in Australian dollars, four-year and seven-year bonds in Brazilian real, and seven-year bonds in Turkish lira.
The transaction was lead managed by HSBC Securities (Japan) Ltd. and the bonds were distributed by more than 20 securities firms.
Based in Manila, ADB is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.

Established in 1966, it is owned by 67 members – 48 from the Asia Pacific region. In 2009, it approved a total of $16.1 billion in financing operations through loans, grants, guarantees, a trade finance facilitation program, equity investments and technical assistance projects.
ADB also mobilized co-financing amounting to $3.2 billion.

Napocor resumes Angat Dam operations

By Donnabelle L. Gatdula (The Philippine Star) Updated September 30, 2010 12:00 AM


MANILA, Philippines - State-run National Power Corp. (Napocor) resumed yesterday the operations of the Angat Dam.
In a statement, Napocor said the repair works, which started last Sept. 28, was on schedule, and that by 6 a.m. yesterday, “all works and repairs have been finished.”
“After the repairs have been accomplished, we undertook the watering of the penstock, which means that we have to gradually let the water flow out. This is to preserve the structural integrity of the penstock, and by 8 a.m., all operations are back to normal,” Napocor said.
The power firm was forced to shut down its 218-megawatt Angat hydropower plant to give way to the repair of the dam.
According to Napocor’s earlier statement, the repairs are needed to maintain the integrity of the level of control over the water supply in the reservoir. Should repairs are not undertaken, there may be some over releases to Ipo Dam, which could have some significant effect to Metro Manila’s water supply in the near future.
Napocor said it hoped that the completion of the Angat repair works would pave the way for the normal supply of water in the system.
“It was our commitment to finish the repairs within the 48-hour period that we have set and agreed with the Metropolitan Waterworks and Sewerage System (MWSS), Maynilad, Manila Water, and the Common Purpose Facility. We are glad to announce that we have done so successfully,” Napocor said.
Napocor is continuously undertaking monitoring of various power facilities still under its operations. 
These activities, Napocor said, are needed to ensure that these power generation facilities perform in optimal condition.

Wednesday, September 29, 2010

RP maps disaster hotspots


First Posted 16:55:00 09/29/2010
MANILA, Philippines—The Philippines, battered by at least 20 typhoons a year and deadly landslides, has drawn up a map of its disaster zones, the country's environment minister said Wednesday.
The online geo-hazard map covers more than 1,600 municipalities nationwide, and will allow individuals, local governments and developers to check whether their properties are in danger zones, Environment Secretary Ramon Paje said.
"Everyone can just go to the website and check the hazards pertaining to their locality," Paje told reporters.
"It says there (in the map), what is the permanent danger zone, what is hazardous and what are the low-lying areas."
The online map has been in the works since about 2006 but the urgency of the task was made clear only after tropical storm Ketsana (Typhoon Ondoy) struck the country a year ago, bringing massive flooding and landslides.
About 80 percent of Metro Manila was underwater as Ondoy dumped the heaviest rains in 40 years, triggering a humanitarian crisis that affected up to 10 million people.
A second typhoon struck the country a week after Ondoy, and the storms left over 1,000 dead between them.
Paje noted that despite previous government warnings to leave areas considered dangerous, several communities in mountainous regions were buried by landslides triggered by Ondoy.
However Paje said the national government was not going to forcibly move people from dangerous places, stressing that it was up to the local governments to take what measures they think are necessary.
Tropical storms, floods, landslides, and maritime disasters killed nearly 2,000 people across the Philippines in 2009, the government said.
The archipelago is in both the region's typhoon belt and on the Pacific "ring of fire" which brings frequent storms and quakes. Poor infrastructure and numerous unsafe sea vessels also result in frequent tragedies.

Group wants the real score on Mindanao’s power supply

By Ryan Rosauro
Inquirer Mindanao
First Posted 16:38:00 09/29/2010

Filed Under: Energy, Electricity Production & Distribution,Consumer Issues

CAGAYAN DE ORO CITY, Philippines — Advocates for reforms in the power sector have asked the Department of Energy (DOE) to reveal “in clear-cut terms” the power supply situation in Mindanao, as the National Grid Corporation of the Philippines (NGCP) continues to implement load-shedding, which results in brownouts.
Salvador Feranil, convenor of the civil society alliance Power Sector Alternative Agenda in Mindanao (Palag Mindanao), said the “vague pronouncements on our power supply capacity hitting a critical level does not explain but only creates confusion about what we are actually experiencing.”
Last week, Energy Secretary Rene Almendras said the power supply situation in Mindanao has turned critical and then called an emergency meeting with power industry stakeholders.
But the DOE dished out no concrete figures relating to the supposed critical power supply situation.
“I can’t understand why these information need to be kept from the public’s appreciation,” Feranil said.
An advisory from the Cagayan de Oro Electric Power and Light Company (Cepalco) said the NGCP has “imposed power curtailments all over Mindanao due to a power supply shortage affecting the entire Mindanao Island.”
“According to NGCP, the power supply shortage is due to the maintenance outage of the National Power Corporation’s (NPC) Pulangi 4 (Unit 1) and Agus 6 (Unit 1) hydroelectric plants; non-operation of Therma Marine’s two power barges and reduced capabilities of some other NPC hydro plants.”
The Therma Marine power barges are now owned by the Aboitiz group through a sale transaction with the NPC early this year.
Due to the NGCP load-shedding call, Cepalco has implemented a two-and-a-half-hour rotating brownout throughout its service area, primarily Cagayan de Oro City, from September 24 to October 1, except on Saturdays and Sundays.
Rotating brownouts have also been experienced in Misamis Occidental since September 21, and the power cutoffs are seen to last until September 30.
An advisory from the Misamis Occidental Electric Cooperative Inc. (MOELCI) outlined 3.5 hours of brownout per feeder area beginning 10 a.m. to 9 p.m.
On September 23, the NGCP website showed that Mindanao suffered some 104 megawatts of power generation shortfall because available capacity that time only stood at 1,094 megawatts as against peak load demand of 1,198 megawatts.
On September 28, the shortfall went down to 24 megawatts with available capacity at 1,144 megawatts while peak load demand stood at 1,168 megawatts.
These demand and supply figures are almost the same as that middle of February, just a week before Mindanao plunged into deeper power crisis because of falling levels of water that supports hydro-power generation.
Mindanao has some 1,600 megawatts of dependable power generating capacity, 970 megawatts of which are hydro-based.
On September 23, the Visayas grid was experiencing a 167-megawatt shortfall while 189 megawatts on September 28. However, the region has not experienced any brownout since four months ago.
Feranil admitted that Palag Mindanao is worried the DOE “is trying to paint a gloomy power supply scenario to lay the premise for the privatization of the Agus-Pulangi hydroelectric generation complex.”
“But this suspicion can be erased by appropriate information disclosure. Let us know the true reason for the reduced power generating capacity,” said Feranil.
He added that if the facts surrounding the issue remained vague, the power supply problem could be attributed to “inefficiencies supposedly inherent in the operation of government-owned and controlled corporations, which is a reasoning favorable to privatization.”
As an alliance, Palag Mindanao was organized to campaign against the privatization of the Agus-Pulangi power generation complexes. The complex’s 10-year sale moratorium under the Electric Power Industry Reform Act (EPIRA) expires next year.
“The lessons of the MWSS privatization is instructive that placing a public utility operation in the hands of the private sector does not necessarily result in efficiency. We don’t want the same mistake to be committed in the power sector of Mindanao and have us suffer for a long period of time,” Feranil stressed.

ADB sells first clean energy bond

(philstar.com) Updated September 29, 2010 02:26 



MANILA, Philippines (Xinhua) – The Asian Development Bank (ADB) has sold $232.2 million worth of Clean Energy Bonds to support its renewable energy and energy efficiency projects in Asia and the Pacific.
The issuance follows the successful sale in April of the bank's first batch of Water Bond, which is supporting the ADB's work in the water sector in Asia and the Pacific.
As part of its Energy Policy, the Manila-based ADB is targeting $2 billion a year in clean energy investments by 2013. The bank will provide assistance to clean energy projects in an amount at least equal to the amount raised by the latest bond issue.
Rapid economic expansion in Asia and the Pacific has caused rising greenhouse gas emissions and put heavy pressure on energy resources. At the same time, millions of people in many parts of the region have no access to basic energy, undermining their livelihoods and holding back development in the region.
The bond comprises four tranches: four-year bonds denominated in Australian dollars; four- and seven-year bonds in Brazilian real; and seven-year bonds in Turkish lira.

ADB raises $232.2M from ‘clean energy bonds’

By Amy R. Remo
Philippine Daily Inquirer
First Posted 12:46:00 09/29/2010

Filed Under: business, bonds and t-bills, Energy, Alternative energy, Environmental Issues

MANILA, Philippines – The Asian Development Bank has raised $232.2 million from the sale of the so-called Clean Energy Bonds to support its renewable energy and energy efficiency projects in the Asia Pacific region.
"The healthy sale of the Clean Energy Bonds shows a clear desire among Japanese investors to see funds committed to clean energy projects that will help improve the environment but ensure sustainable growth in the region,” said ADB treasurer Thierry de Longuemar, in a statement.
The bonds that were issued comprised of four tranches, namely the four-year bonds denominated in Australian dollars; four- and seven-year bonds in Brazilian real; and seven-year bonds in Turkish lira. The transaction was managed by the HSBC Securities (Japan) Ltd. and the bonds were distributed by more than 20 securities.
This fundraising formed part of the Manila-based lender's energy policy to roll out $2 billion a year in clean energy investments for the region starting 2013, focusing particularly on renewable energy projects such as biomass, wind, solar, hydro, and geothermal as well as on energy efficiency projects in industrial, commercial and residential sectors.
Through its clean energy program, ADB targets to help the region meet its energy security needs, facilitate a shift to a low-carbon economy, and ensure everyone in the region has access to energy.
Between 2005 and 2009 alone, ADB’s total clean energy investments have already exceeded $5 billion.
“Clean energy is a crucial element in the fight against poverty in Asia and the Pacific. To put the region on a path to sustainable and inclusive economic growth, we are committed to supporting clean energy projects in the region that avoid harming people or the environment,” said ADB president Haruhiko Kuroda.
The rapid economic expansion in the Asia-Pacific region has begun putting immense pressure on global resources and the environment. The use of coal and oil and other carbon-based fossil resources to meet the region’s growing energy needs has added to the release of greenhouse gases that contribute to global climate change.
At the same time, insufficient energy investment in the region is preventing many developing countries like the Philippines, as well as individuals from reaching their full potential.
According to the ADB, a quarter of the population of Asia Pacific – or about 800 million people – still have no access to basic electricity services, while some 1.8 billion people continue to rely on traditional biomass fuels for cooking and heating.

Meralco expects to surpass growth forecast on rising power demand

Manila Times
MANILA Electric Co. (Meralco) said it is likely to surpass its growth projections this year amid the continued increase in demand for electricity in its franchise area. Betty Siy-Yap, Meralco chief finance officer, said the utility’s energy sales have improved from 2009 levels.

”The volumes are much higher on an accumulative basis. Today it is greater than last year in terms of energy sold. So that is the main driver,” she said.

Meralco earlier said sales would grow by 4 percent this year after a 1.7 percent expansion in 2009. 

The higher projected growth was brought about by the recovery of the utility’s industrial customers, whose demand slumped in 2008 as export markets abroad contracted. The upward adjustment this year also is driven by an increase in the utility’s residential and commercial sales.

As of August, Meralco’s sales increased by 11.7 percent from last year’s levels. 

The figure, however, is expected to taper off in the coming months because of the low demand typically seen during the holiday season.

Despite this slowdown, Meralco still expects its sales to fall above the 4 percent mark and its core net income to surpass the P11 billion target this year especially with the rate increase implemented at the start of the year, Siy-Yap said.

”It really depends. Actually at this time, the energy sales will go down because you have a cooler weather and as the hydro [power plants] come in. But we do expect that we will surpass it by a little bit,” she said, referring to sales.
Euan Paulo C. Añonuevo

Consunji-owned power project gets incentives

By Ma. Elisa P. Osorio (The Philippine Star) Updated September 29, 2010 12:00 AM Comments (1) View comments


MANILA, Philippines - The Board of Investments (BOI) has granted tax breaks to the multi-million power project of Consunji-owned DMCI Masbate Power Corp. (DMCI-MPC).
The project involves the construction and operation of a 24.4-MW diesel power plant in Brgy. Tugbo, Mobo, Masbate. The proposed power plant is designed as a base load plant to supply electricity in Masbate.
The generated electricity will be sold to the Masbate Electric Cooperative (MASELCO) starting at P 8.79/kWh on the first year upon ERC approval. Project cost is at P 715.374 million and will generate employment for 45 people. The proposed activity is the firm’s second project applied for BOI registration.
This project will serve as replacement for the 29 MW coal-fired power plant under the 2007 IPP which was cancelled on Sept. 16 last year. The project was shelved due to some environmental concerns. To fulfill its commitment to the people of Masbate, DMCI will now implement a diesel-fired power plant project which has gained acceptance and been cleared with the Masbate City Government and other concerned parties. The firm is 100 percent owned by DMCI Holdings.