2015 Annual Report

Business Review

Business Developments

  • While the construction of the 97-MW Avion plant is behind schedule, once completed, it will be the first plant in the Philippines to utilize aero-derivative technology. The plant has the flexibility to start and stop multiple times in a day and is able to quickly provide power when needed. Similar to the Santa Rita and San Lorenzo plants, Avion will have the capability to run on natural gas or liquid fuel. As of this writing, Avion is now in its commissioning phase and commercial operations are slated to begin in the first half of 2016
  • In early 2016, the turnkey engineering, procurement, and construction contracts with Istroenergo Group (IEG) and its Philippine branch company Energy Project Completion Ltd. (EPC) were terminated due to IEG/EPC’s failure to comply with their obligations under the contracts, including, but not limited to, the delay in completing the works. PMPC has stepped in to make sure that the project will finish by 2016. On March 16, 2016, a Completion Works Agreement with MTU Maintenance Berlin-Brandenburg GmbH (MTU BB) of Germany was executed for the completion of remaining commissioning works for the Avion plant
  • The San Gabriel plant completed its construction in 2015 and has shifted towards the commissioning phase. San Gabriel is a 414-MW combined-cycle natural gas-fired power plant that will be using the most advanced gas turbine technology in the world. Once it starts operations, it will be the most efficient gas-fired power plant in Southeast Asia with an efficiency of nearly 60.0 percent and will provide midmerit demand requirements of the Luzon and Visayas grids
  • First Gen continues to pursue and employ its pioneering efforts for natural gas, by developing an import and regasification Liquefied Natural Gas (LNG) terminal. Its planned construction and operation is in preparation for the eventual exhaustion of the Malampaya gas field projected between 2022 to 2024 and to secure the future of the Company’s natural gas platform. The LNG terminal’s Front-end Engineering Design is currently in the third revision stage and potential suppliers have been engaged.

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Business Developments

  • While the construction of the 97-MW Avion plant is behind schedule, once completed, it will be the first plant in the Philippines to utilize aero-derivative technology. The plant has the flexibility to start and stop multiple times in a day and is able to quickly provide power when needed. Similar to the Santa Rita and San Lorenzo plants, Avion will have the capability to run on natural gas or liquid fuel. As of this writing, Avion is now in its commissioning phase and commercial operations are slated to begin in the first half of 2016
  • In early 2016, the turnkey engineering, procurement, and construction contracts with Istroenergo Group (IEG) and its Philippine branch company Energy Project Completion Ltd. (EPC) were terminated due to IEG/EPC’s failure to comply with their obligations under the contracts, including, but not limited to, the delay in completing the works. PMPC has stepped in to make sure that the project will finish by 2016. On March 16, 2016, a Completion Works Agreement with MTU Maintenance Berlin-Brandenburg GmbH (MTU BB) of Germany was executed for the completion of remaining commissioning works for the Avion plant
  • The San Gabriel plant completed its construction in 2015 and has shifted towards the commissioning phase. San Gabriel is a 414-MW combined-cycle natural gas-fired power plant that will be using the most advanced gas turbine technology in the world. Once it starts operations, it will be the most efficient gas-fired power plant in Southeast Asia with an efficiency of nearly 60.0 percent and will provide midmerit demand requirements of the Luzon and Visayas grids
  • First Gen continues to pursue and employ its pioneering efforts for natural gas, by developing an import and regasification Liquefied Natural Gas (LNG) terminal. Its planned construction and operation is in preparation for the eventual exhaustion of the Malampaya gas field projected between 2022 to 2024 and to secure the future of the Company’s natural gas platform. The LNG terminal’s Front-end Engineering Design is currently in the third revision stage and potential suppliers have been engaged.

Pages: 1 2 3