Phinma Energy Corp. is targeting to up its power generation capacity to 1, 000 megawatts (MW) for the next 10 years, doubling its current 500-MW capacity.
Phinma Energy president Francisco Viray said even with an expected oversupply situation in the next few years, the company is going on a cautious expansion mode.
“Next ten years, we’re looking at double [capacity]. There is a lot of excess supply, so you have to consider that in next 10 years,” he said.
Viray added that the company’s generating capacity is projected to reach 500 megawatts by the end of the year.
A 900-MW coal-fired power plant is also a part of the Phinma Energy’s plan. However, construction would still depend on timing.
Formerly known as Trans-Asia Oil and Energy Development Corp., its consolidated net income grew 43% from P377 million to P542 in the first semester of 2016, with electricity sales surging by 11% to P7.1 billion.
Energy supply also increased with Phinma Energy’s diversified power generation projects.
The second 135-MW unit of South Luzon Thermal Energy Corp.’s circulating fluidized bed coal-powered plant began operations on February. The first unit began operations in April 2015 with AC Energy Holdings Inc.
Power Barges 101 and 102’s operation also increased energy supply while Power Barge 103 is under rehabilitation.
A 54-MW wind farm in San Lorenzo, Guimaras of the Trans-Asia Renewable Energy Corp. contributed to 61.3 gigawatts of energy in the first half.
Affiliate Maibarara Geothermal is expanding its 20 MW capacity to 32 MW by the end of the year.