The Department of Energy (DOE) Secretary Alfonso Cusi has revealed that Dubai-based firm Lloyds Energy will install more fossil fuel-based power plants in the country.
Cusi told Philippine Daily Inquirer reporters that the plan for the proposed power plants would be to sell electricity through the spot market instead of contracted buyer, with a capacity of 1,000 MW to 1, 200 MW.
The firm has signed a memorandum of understanding (MOU) with state operated Philippine National Oil Co. (PNOC) to execute its plan of developing liquefied natural gas plants (LNG) in the Philippines.
The MOU states that the two companies will “explore cooperative ways for the development of LNG facilities and natural gas generation plants and other related activities in Limay, Bataan, as well as Bauan and Mabini in Batangas —where PNOC has landholdings.”
PNOC has approved the proposal of Lloyd’s Energy, but later rejected it along with other proposals as it would conduct an open tender instead.
Eventually, PNOC partnered with Phoenix Petroleum Philippines Inc. and Chinese firm CNOOC Gas and Power Group Co. Ltd. for a 10-percent stake in Phoenix’s and CNOOC’s own planned LNG project.
Meanwhile, National Grid Corp. of the Philippines reported that the Luzon power grid has been put under red alert 14 times this year.
“It (Lloyds Energy’s plan) is a welcome development as such a (power plant) will help augment our electricity supply as soon as possible,” the energy secretary was quoted as saying.