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Manila Bulletin devider Business devider The Stock Market devider ENEX Energy ends 1,100-MW gas project in Batangas

ENEX Energy ends 1,100-MW gas project in Batangas

Published Nov 14, 2025 03:28 pm
Ayala-led ENEX Energy Corp. reported that it has terminated its plans to construct a 1,100-megawatt (MW) gas-powered project in Batangas province.
In a disclosure to the Philippine Stock Exchange (PSE) on Friday, Nov. 14, the company said it has discontinued its joint venture (JV) with GenX Energy LP for the planned combined-cycle gas turbine (CCGT) Batangas clean energy (BCE) project
“This decision was driven primarily by the difficulty in securing an offtake contract to ensure the BCE project’s viability, coupled with challenges in securing a third investor due to uncertainties surrounding the project’s offtake arrangements,” ENEX Energy explained.
Ideally, the CCGT would utilize natural gas as its fuel for power generation, which can potentially achieve higher efficiency levels compared to regular gas plants, signaling cheaper operations.
But the canceled project would also align with its parent company, ACEN Corp., as it embarks on its renewable energy (RE) transition plans, especially as it initially targets about 20 gigawatts (GW) of clean energy by 2030.
However, during a recent forum, Jonathan Back, ACEN’s chief financial and strategy officer, tempered expectations as the RE capacity expansion could still be aspirational.
Despite this, ACEN is hoping to raise its capital expenditure (capex) to somewhere between ₱70 billion and ₱80 billion to further support ongoing clean power developments.
Ayala-affiliated ENEX focuses on developing and operating power generation projects in the country.
The firm is primarily engaged in oil and gas exploration and production, with five existing service contracts in the Philippines.
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