Business NEWS

The Department of Energy (DOE) has openly declared its ‘preferential treatment’ for renewable energy (RE) projects, but the government’s attention is also being called on managing concerns of efficient grid integration to avoid brownouts; as well as the competition that massive solar farm developments would pose against the country’s food productivity.

Clean energy sources will be ‘green with envy’ as coal fuel sustained its dominance in the country’s power generation mix last year with a share of 54.6 percent, according to Department of Energy (DOE) data presented in the Senate.

Ayala-owned AC Energy Philippines (ACEN) has executed a new subscription agreement with subsidiary Ingrid Power Holdings Inc. for the parent firm to purchase specified number of shares; then the proceeds of that transaction will bankroll the first phase of the latter’s 300-megawatt Pililla diesel-fired power project in Rizal province.

The Department of Energy (DOE), through its Task Force on Energy Resiliency (TFER), has mobilized the country’s power firms so probable power interruptions or blackout impact of tropical storm ‘Pepito” could be eased if not totally avoided in various parts of the country.

To allow the entry of investors in the upstream petroleum sector, primarily China National Offshore Oil Corporation (CNOOC), President Rodrigo Duterte has already lifted the moratorium on seismic as well as oil and gas drilling activities at the West Philippine Sea (WPS), a disputed territory.

The La Niña weather phenomenon has already started driving down electricity rates this October in the country’s Wholesale Electricity Spot Market (WESM), with it going down by more than P1.00 per kilowatt hour (kwh) as of October 12 to P2.19 per kwh from the September average market price of P3.48 per kwh.

Power utility giant Manila Electric Company (Meralco) said it will first wait for the guidelines to be issued by the Energy Regulatory Commission (ERC) before serving disconnection notices to consumers that still have arrears or unpaid bills by October 31 this year.

The Department of Energy (DOE) indicated it will elevate the fuel cost unbundling case to the Supreme Court (SC) to fight for the enforcement of the Circular that it has issued primarily to effect transparency in the fuel pricing of the oil companies.

Customers of Manila Electric Company (Meralco) will have to shell out additional cash on their electricity budget as the overall rate of the utility firm would be higher by P0.1212 per kilowatt hour (kWh) in their October billing.

Oil firm Cleanfuel bucked the trend even as most of its competitors have implemented slight upward adjustments in pump prices this week to the tune of P0.10 per liter for gasoline products, and P0.20 per liter for kerosene products.

Given electricity demand increase in the Luzon grid last month, power utility giant Manila Electric Company (Meralco) is anticipating marginal rate hike to be reflected in their customers’ October bills.

The commercial operations of the country’s Renewable Energy Market (REM) for on-grid installations had been re-scheduled to June next year — factoring in a one-year delay because of the continued pummeling of the health crisis, according to the Department of Energy.         

As the government is keen on evaluating the joint venture deal proposed by Davao businessman Dennis A. Uy, Energy Secretary Alfonso G. Cusi indicated that they will start studying the ‘buyout proposal’ for the 45-percent majority interest of Shell Philippines Exploration B.V. (SPEX) in the Malampaya gas field venture.

The Department of Energy (DOE) has approved the construction timeline applied for by FGEN LNG Corporation, a joint venture of Lopez-led First Gen Corporation and Tokyo Gas Co. Ltd., for the US$300 million floating storage regasification unit (FSRU) project so it can bring liquefied natural gas (LNG) into the country starting 2022.

American energy giant Chevron Corporation packed its bags out of the country early this year after finalizing the sale of its 45% stake in Malampaya to Filipino businessman Dennis Uy.

The Philippine government has officially confirmed the planned sale of the 45-percent interest of Shell Philippines Exploration B.V. (SPEX) in the $4.5 billion Malampaya deep water gas-to-power project.

The Philippine upstream subsidiary of Royal Dutch Shell plc is planning to sell its 45-percent stake in the US$4.5 billion Malampaya deep water gas-to-power project if it can corner enticing offer from prospective takers.

Pump prices will take new round of pinch on consumers’ pockets this week as the price of gasoline products had been increased by P0.60 per liter, based on the announcements of the oil companies.