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Manila Bulletin devider Business devider The Stock Market devider FirstGen's LNG terminal gets green light for operations

FirstGen's LNG terminal gets green light for operations

Published Jan 6, 2025 08:23 am

First Gen Corporation (FGen), through its subsidiary FGen Liquefied Natural Gas Corporation (FGen LNG), has received approval to operate and maintain its interim offshore LNG terminal.

In a disclosure to the Philippine Stock Exchange on Monday, Jan. 6, FGen announced that FGen LNG will operate the project at the First Gen Clean Energy Complex in Batangas City.

The permit is valid for 25 years and covers a multi-purpose jetty and an onshore gas receiving facility, comprising the first phase of the FGen LNG Terminal.

This project was recognized as an “Energy Project of National Significance” by the Energy Investment Coordination Council (EICC) and the Department of Energy (DOE) under Executive Order No. 30.

FGen President Giles B. Puno emphasized the project's importance in ensuring energy security.

"We are thankful to Secretary Raphael P. M. Lotilla and the Downstream Natural Gas Review and Evaluation Committee for their support and guidance throughout this process," he said. "The project has enabled the introduction of LNG to supplement Malampaya and ensure energy security, especially during the past summer."

The LNG terminal will promote the integration of more natural gas power plants in the Philippines and serve as a bridge fuel, offering flexible power generation to support the growth of renewable energy sources.

Commissioning activities for the LNG terminal were completed last September, generating revenue through pre-commercial operations and terminal fees. From January to September 2024, FGen LNG generated P3.567 billion in revenue from terminal fees charged to natural gas plants for transport, storage, and LNG regasification.

FGen, with a capacity of 3,474.2 megawatts recorded in 2023, is the largest clean and renewable Independent Power Producer (IPP) in the Philippines.

The CMIM has undergone several changes, including updates to its operational guidelines and the swap manual.

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