Wednesday, October 17, 2012

Panay Energy, Formosa agree to expand plant

Manila Standard Today
By Alena Mae S. Flores   Posted on Oct. 17, 2012 at 12:01am
Panay Energy Development Corp., a unit of Metrobank Group’s Global Business Power Corp., said Tuesday it signed an agreement with Formosa Heavy Industries to reconfigure its power plant in Iloilo.
Panay Energy plans to expand the capacity of Panay power project from 82 megawatts to 150 MW. Formosa Heavy Industries was tapped for the design, engineering, procurement and construction of the expansion project.
Global Business said in a statement the agreement amended the previous one signed in March that called for for an 82-MW new unit.
Panay Energy originally planned to add another 82-MW unit by late 2014, but amended the plan amid the increase in economic activities in the island that may warrant the construction of a single larger plant of 150 MW.
Global Business said a single larger plant could reduce Panay Energy per kilowatt-hour generation charges to existing customers.
Global Power chairman Francisco Sebastian said since the company acquired the diesel plant from the Lopez Group in 2003, it provided adequate, reliable and cost efficient power supply to Panay.
“The completion of the clean coal technology last year has allowed the expansion in economic activity, improved the reliability of power supply and reduced electricity costs by at least 3 pesos per kilowatt hour. The construction of a third unit, especially larger, on the same site in La Paz, Iloilo City, is a reflection of our continuing commitment,” Sebastian said.   source

No comments:

Post a Comment