PHINMA Energy to double capacity in 10 years
ILOILO CITY – PHINMA Energy seeks to double its capacity to 1,000 megawatts in the next 10 years.
According to PHINMA Energy President Francisco L. Viray, they would have to slow down their expansion pace a bit because of overcapacity forecast in the immediate term.
That is then prompting them to be more prudent when it comes to penciling in and firming up their next batch of expansion projects.
“We may double capacity in the next 10 years…there would be excess supply, so you have to consider that,” he told reporters in an interview here.
Viray said their attributable capacity will be increased this year to 500MW from last year’s 200MW.
The major milestone in their portfolio shoring up this year had been the commercial operation of the second phase of their South Luzon Thermal Energy Corporation (SLTEC) which 135MW capacity reached commercial commissioning phase last year.
The company’s assets include the coal plant in Calaca, Batangas; the power barges acquisitions from the Power Sector Assets and Liabilities Management Corporation (PSALM); the 54MW San Lorenzo wind farm; and the Maibarara geothermal power project which is also up for expansion with the imprimatur of project partners.
This year also marked the company’s re-branding and changing of corporate identity to PHINMA Energy Corporation – from Trans-Asia Oil and Energy Development Corporation – as a way of establishing more direct affinity to its parent firm
The Del Rosario-led firm, a publiclylisted entity, also changed recently its ticker symbol to “PHEN” at the Philippine Stock Exchange. It has been explained that PH represents its parent firm; while EN is in line with its core business, which is ENERGY.
After regulatory approval by the Securities and Exchange Commission (SEC), the firm announced that it was finally given the so-signal “to implement its change in name,” effective August 22 this year.
According to the executives of the company, “this move captures the essence of what we are trying to do in the PHINMA Group.”
PHINMA Energy latched onto its corporate social responsibility (CSR) maxim of “Making Lives Better” and “providing a brighter future for generations of Filipinos to come.”
Following this transformative phase in the company’s history, PHINMA Energy “shall expand its energy generation portfolio by making purposeful investments in strategic power projects.”
This is in support of its ultimate goal of “developing and diversifying a sustainable mix of reliable and cost-efficient energy sources.”
Earlier, the firm also divulged plans for investment forays into integrated facilities of liquefied natural gas (LNG) terminal and power projects so it can help meet the country’s need for midmerit capacity.
The company is similarly setting sights on cornering a sizeable pie of the market once full retail competition in the restructured electricity sector will finally be enforced. Legal snags still hobble the smooth flow of this policy imposition in the deregulated power sector.