Lopez-led First Gen Corporation registered a flat growth in income at P12.4 billion ($252 million) last year due to uncertainties ignited by soaring fuel prices in the world market that had impacted the overall operation of its electric generating assets. The company qualified that while it...
The earlier-anticipated hike in the electricity rate of Manila Electric Company (Meralco) was overturned, resulting in overall reduction of P0.1185 per kilowatt hour (kWh) in the February billing cycle due to the "cover cost" or compensation generated by power supplier First Gen Corporation (FGen)....
The repair of one of the generating units of the 97-megawatt Avion gas-fired power plant of First Gen Corporation had already been partially completed, the Lopez-owned firm reported to the Philippine Stock Exchange (PSE). The plant’s unit 1 with 48.5-megawatt capacity sustained damage at its...
Generating facilities feeding on liquefied natural gas (LNG) will be playing a ‘critical role’ in the energy transition from coal-fired power as envisioned by the government. For that vision to be concretized though, Jonathan Russell, executive vice president and chief commercial officer of...
Leading clean energy player First Gen Corporation has set the phaseout of its gas-fired power plants as well e-configure the fuel shift to hydrogen as part of the all-inclusive ‘decarbonization strategy’ of the Lopez conglomerate. In his keynote speech at the GRI-SM ASEAN Sustainability...
The Department of Energy (DOE) affirmed yesterday that ‘gas production decline’ at the Malampaya field will persist next year and until the project’s end of service contract in 2024. Energy Secretary Alfonso G. Cusi specified that gas restriction had been lingering from January 2020 to...
The Unit 2 of the 97-megawatt Avion power generating facility of Prime Meridian Powergen Corporation (PMPC) is now back on commercial operation, its parent firm First Gen Corporation has announced. In a disclosure to the Philippine Stock Exchange (PSE), the Lopez firm indicated that the plant was...
Cebu-based steel manufacturing firm Chioson Development Corporation (CDC) has shifted power use into renewable energy (RE), and it signed up with Energy Development Corporation (EDC), to become its electricity service provider. According to EDC, which is a subsidiary of Lopez-led energy firm First...
Power utility giant Manila Electric Company (Meralco) is planning to undertake competitive selection process (CSP) for a power supply agreement (PSA) that will replace the capacity of First Gen Corporation if its electricity generation will be continuously crippled by Malampaya gas field’s output...
New York-headquartered investment firm KKR & Co. Inc. will be acquiring additional 7.3 percent equity in Lopez-owned First Gen Corporation via a tender offer (TO) transaction worth P8.68 billion or roughly $171 million. The TO covered 262.937 million common shares that were unloaded by the...
Malampaya operator Shell Philippines Exploration B.V. (SPEX) was ordered by the Department of Energy (DOE) to explain the four-day fuel supply disruption to the country’s gas-fired power plants which triggered their shift to more expensive liquid fuels and de-rating of their generation capacity....
The depleting Malampaya field has stopped supplying gas to the three gas-fired power plants of First Gen Corporation starting Saturday, September 11, compelling the shift of the electric power generating facilities to more expensive liquid fuels. Malampaya platform photo Sources from First Gen...
