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DOE slaps fine on FGen unit for late wind energy reports

Business

DOE slaps fine on FGen unit for late wind energy reports

By Gabriell Christel Galang

First Gen Visayas Energy Inc. (FGVEI), a subsidiary of renewable energy company First Gen Corporation, has been fined by the Department of Energy (DOE) for the late filing of reports on its wind energy projects.

In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, January 14, First Gen reported that the DOE penalized FGVEI P285,000 for delays in the quarterly financial reports of 31 Wind Energy Service Contracts (WESC) in the pre-development stage.

First Gen has not yet disclosed the locations or details of these wind power projects.

The company has 10 days to pay the fine, but FGVEI has requested clarification from the government regarding the assessment that led to the charge before submitting any payment.

First Gen previously announced plans to develop a total of 900 megawatts (MW) of wind energy across the country. The projects will be located in three major regions: Luzon (La Union and Bataan), Visayas (Iloilo and Bohol), and Mindanao (Zamboanga Sibugay and Zamboanga del Norte).

Last October, FGVEI was granted a system impact study (SIS) from the DOE for its 150-MW Onshore Wind Project in Antique. The study will evaluate the power grid's ability to handle the new connection.

First Gen has approximately 1,651 MW of installed capacity through its solar, hydro, and geothermal power plants in the Philippines. The company also operates four natural gas power plants as a transition fuel in its decarbonization efforts.

The Lopez-led firm currently has a combined capacity of 3,668 MW.

Related Tags

First Gen Corporation Department of Energy (DOE)

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