Written by Madelaine B. Miraflor Published on 17 October 2012
Amid its expansion plans in Iloilo City, Global Business Power Corp. (Global Power) has signed a memorandum of understanding (MOU) with Formosa Heavy Industries to finalize its plan to reconfigure the capacity of its plant from two 82 megawatt units into one single unit of 150MW.
Through its subsidiary Panay Energy Development Corp. (PEDC), Global Power forged an MOU with Formosa that amends the option agreement signed in March this year for the construction of additional units in Panay, along with the contract for an 82-MW new unit in Toledo to supply Carmen Copper Corp. that is now ongoing.
The first of the two 82 units in Panay is supposed to be completed in 2014, but the elevated economic activity in the island may warrant the construction of a single larger plant of 150MW, which can reduce PEDC’s per kilowatt hour generation charges to its existing customers.
The cost benefits of a larger plant is in addition to substantial cost savings arising from the common facilities like jetty coal yard and water treatment facilities, for the existing units completed in 2011 which can service the new plant.
“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 P3 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,” said Francisco Sebastian, Global Power chairman.
The president of Formosa Heavy Industries, K.H. Wu, was in the country to sign the MOU as the provider of the design, engineering, procurement and construction elements of the project.
Global Power has 633 megawatts of coal and bunker fuelled plants mainly in the islands of Panay and Cebu. It is a member of the GT Capital Group of Companies. source
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