Olongapo SubicBay BatangGapo Newscenter

Wednesday, October 01, 2008

Masinloc coal-fired plant posts US$ 36M income in the first six months of operations

US-based AES Philippines has posted about US$ 36 million income from the electricity sales of the 600 megawatt (MW) Masinloc coal-fired power plant in the first six month of its operations.

In its financial statement, AES Philippines, a subsidiary of AES Corp. reported that Masinloc power facility helped in boosting the revenues of its Asia’s slice during the period.

Based on the record, the Asia generation revenues went up to US$ 656 million from US$ 205 million as a result of higher rates driven by an increase in fuel prices at its facilities in Pakistan and an increase in rates at Kelanitissa in Sri Lanka.

AES Philippines acquired in July 2007 the Masinloc plant at US$ 930 million which they fully paid in April of this year.

AES official who requested not to be named said they are expecting their income to further increase with the release of the ruling of the Energy Regulatory Commission (ERC) on the pending petition for rate increase filed by state-run National Power Corporation (Napocor) recently.

The Masinloc plant's transition supply contracts with power distributors are linked to the rates of Napocor.

Seeing the potential of the Masinloc plant, AES president Matthew Bartley has committed to further infuse more investment in the country in particular Zambales. He said they are looking at spending another US$ 1 billion for the expansion of the power facility.

“As one of the world’s largest global power companies, our experience with the privatization of this plant reaffirms our interest in further investments in the Philippines particularly Zambales,” Bartley said in an earlier interview.

He also committed to immediately address the growing demand for electricity in the country by improving the capacity of the Masinloc plant to another 600 MW in the near future.

“In addition to maximizing the capability of the existing Masinloc generating facility, we shall immediately took to leverage other aspects of the existing project in providing the lowest cost, most reliable resource of incremental new capacity to Luzon. For Zambales and Masinloc, this would mean additional revenues for the further development of the province and the municipality and additional jobs for the Filipino people,” the AES president said.

But sources said AES may delay its plan expansion until the ERC released its ruling on the pending application rate increase of Napocor.

Located about 250 km northwest of Metro Manila, Masinloc plant covers a total of 137 hectares including 11 hectares on land reclaimed from the sea.

The power plant was designed and commissioned in 1998 as a two-unit, 600 MW plant. The plant utilizes refined coal from Australia, China, Indonesia and occasionally local coal. (PNA)

Labels: , , ,


Post a Comment

<< Home


This is a joint private blog of volunteers from Subic Bay. It is being maintained primarily to collate articles that may be of importance to decision making related to the future of Subic Bay and as a source of reference material to construct the history of Subic Bay.

The articles herein posted remains the sole property of original authors and publications which has full credits to the articles.

Disclaimer: Readers should conduct their own research and due diligence before using any article herein posted for whatever intended purpose it may be. This private web log will not be liable for any loss or damage caused by a reader's reliance on information obtained from volunteers of this private blog.

www.subicbay.ph, http://olongapo-subic.com, http://sangunian.com, http://olongapo-ph.com, http://oictv.com, http://brgy-ph.com, http://subicbay-news.com, http://batanggapo.com 16 January 2012