By Alena Mae S. Flores Posted on Nov. 12, 2012 at 12:01am
Trans-Asia Oil and Energy Development Corp., a unit of the Phinma Group, plans to serve a potential market for 200 megawatts of electricity under the retail competition and open access regime, which will start by the middle of 2013.
“We’re approaching the prospective contestable market. We talk with them and make offers,” Trans-Asia president Francisco Viray told reporters over the weekend.
Viray said while the target was 200-MW of customers in an open access regime, the company could actually serve up to 560 MW of peak demand.
Open access allows large power users to choose their own supplier. The Energy Regulatory Commission set the initial implementation of open access on Dec. 26, which signals the start of the six-month transition. A trial run will be in place by March 26 and the full implementation by June 26.
Viray, meanwhile, said the company would raise P4.3 billion in debt financing for the 54-MW San Lorenzo wind project. The entire project is expected to cost P6.3 billion.
He said construction of the wind project would commence within the year and Trans-Asia was looking at a partner in the project.
“We’re finalizing the shareholders’ agreement,” Viray said.
He said the company also focused on oil and gas projects, specifically Service Contract 55 near the Malampaya gas field in northwest Palawan. SC 55 is estimated to have a potential reservoir equivalent to Malampaya’s 2.7 trillion cubic feet.
Trans-Asia explored the possibility of selling part of its 6.82-percent stake in the project to other oil and gas companies. Drilling of the SC 55 project is slated in the first half of 2013.
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