By: Ronnel W. Domingo - 05:07
AM June 26, 2019
Lloyds Energy, a Dubai-based company
focused on the liquefied natural gas business, is looking at building power
plants in the Philippines that run on that fossil fuel, according to Energy
Secretary Alfonso Cusi.
Cusi yesterday told reporters the
plan was for a merchant plant—a generator that would sell electricity through
the spot market instead of a contracted buyer—with a capacity of 1,000
megawatts to 1,200 MW.
“It (Lloyds Energy’s plan) is a
welcome development as such a (power plant) will help augment our electricity
supply as soon as possible,” the energy chief said.
The National Grid Corp. of the
Philippines has put the Luzon power grid under red alert — when the day’s
estimated peak demand may surpass available generating capacity — 14 times so
far this year.
To pursue its plan for LNG-fired
plants in the Philippines, Lloyds Energy has signed a memorandum of
understanding with state firm Philippine National Oil Co.
Specifically, the MOU committed the
two companies “to explore cooperative ways for the development of LNG
facilities and natural gas generation plants and other related activities in
Limay, Bataan, as well as Bauan and Mabini in Batangas —where PNOC has
landholdings.
Also, the agreement gives Lloyds
Energy and PNOC rights to explore the viability of oil importation and storage.
Lloyds Energy was one of several
entities—both foreign and local—that submitted to the PNOC proposals for a
joint venture on an LNG terminal in Batangas.
PNOC announced acceptance of Lloyds
Energy’s proposal, but the state firm later announced that it had changed its mind
and rejected all such proposals as it would conduct an open tender instead.
That also did not prosper as,
eventually, PNOC partnered with Phoenix Petroleum Philippines Inc. and Chinese
firm CNOOC Gas and Power Group Co. Ltd. for a 10-percent stake in Phoenix’s and
CNOOC’s own planned LNG project.
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