By
Lenie Lectura - December 4, 2017
PETROGREEN Energy Corp.
(PGEC), the renewable-energy (RE) arm of publicly listed PetroEnergy Resources
Corp. (Perc), has already generated 1-billion kilowatt-hour (kWh) of
electricity over the weekend.
Perc announced on
Monday that PGEC reached the 1-billion generation mark on December 2, earlier
than expected.
“The early achievement
of this generation milestone, despite the relatively short period of the
plants’ commercial operation and their modest capacities, owe to the efficient
operation by our teams and the good availability of the units to the grid,”
PERC President Milagros V. Reyes said.
“We are delighted by
this milestone not only for our shareholders and Pgec partners but also for
their contribution in reducing wholesale electricity spot market [Wesm] prices,
as their must-dispatch character displaces more expensive fossil-fired plants
in the Wesm dispatch order,” Reyes added.
PGEC’s power production
comes from three RE plants: the 20-megawatt (MW) Maibarara-1 geothermal plant
in Santo Tomas, Batangas; the 36-MW Nabas-1 wind project in Aklan; and the
50-MW DC Tarlac-1 solar facility in Tarlac City.
Beginning from their
respective commercial operation date—February 8, 2014, for the Maibarara
geothermal, June 10, 2015, for the Nabas wind and February 10, 2016, for
Tarlac-1—these three facilities contributed 62.52 percent, 23.78 percent, and
13.70 percent, respectively, to the aggregate 1-billion-kWh output reached on
December 2.
In Maibarara PGEC (65
percent) is in partnership with Phinma Energy (25 percent) and PNOC Renewables
Corp. (10 percent), through the joint-venture firm Maibarara Geothermal Inc.
(MGI). In Nabas it holds 40-percent equity in operator PetroWind Energy Inc.
(PWEI) with EEI Power (20 percent) and Thailand-based BCPG (40 percent).
PetroSolar Corp. (PSC), owner and operator of Tarlac-1 solar, is jointly owned
by PGEC (56 percent) and EEI Power (44 percent).
PGEC currently supplies
8.4 percent of wind power and 5.94 percent of solar capacities in the country.
MGI’s expected commissioning of the 12-MW Maibarara-2 unit this December will
bring the field’s total gross capacity to 32 MW. PGEC plans to develop an
additional 400 MW of renewable-energy capacity in the next five years.
PERC Assistant Vice
President Maria Victoria Olivar said that the company’s oil operations also
achieved a milestone.
“Total oil production
in the Etame Marin block in offshore Gabon, West Africa, reached 100 million
barrels on June 10, 2017, from the start of commercial oil extraction in 2002.
Crude-oil production from 12 wells continues unabated in the block’s four oil
fields—Etame, Avouma, Ebouri and North Tchibala.”
At end-September this
year, Perc posted a 103-percent increase in its total consolidated income
amounting to $7.71 million, compared to $3.81 million during the same period in
2016. The net income attributed to PetroEnergy equity holders increased by 227
percent, from $1.28 million in 2016 to $4.18 million in 2017.
The increases in net
income and income attributed to equity holders of PERC were mainly driven by
the efficient operation of PERC’s three RE projects.
The efficient
operations resulted to an increase in the net income of the operating
companies: 58 percent for MGI, 25 percent for PSC and 8 percent for PWEI
compared to the similar period in 2016.
Slightly higher average
crude-oil prices also contributed to the profit increase, with average price
reaching $50.35 per barrel for the third quarter compared to $38.08 in the same
period last year.
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