LA PAZ, Iloilo City ,Philippines – The Visayas region will be spared from power outages over the next 10 years as soon as the multi-billion peso electric facilities of the Metrobank Group start commercial operations, according to the group’s top official.
“After these investments have been completed, there would be no brownouts in the Visayas in 10 years,” Metrobank Group chairman George S.K. Ty told reporters during the inauguration of the 164-megawatt (MW) clean coal-fired power plant here yesterday.
The coal-fed power facility is being run by Panay Energy Development Corp. (PEDC), a subsidiary of Global Business Power Corp. (GBCP) of the Metrobank Group of Companies.
According to Ty, they are willing to invest more on power development in the Visayas “if there are opportunities,” reiterating the group’s commitment to provide security and stability of power supply in the Visayas region.
GBCP is positioning itself as a leader in the power industry, particularly in the Visayas.
PEDC chairman Francisco Sebastian said keeping a steady supply of power in the region would help in the overall development of the country’s economy.
“It is our vision to help propel Iloilo City towards further economic growth and development,” Sebastian said.
The PEDC plant is a $405-million investment in Panay Island with a P14-billion loan which ensures stable, reliable and cost efficient electricity generation while reducing electricity rates volatility.
In January 2009, PEDC built the plant through its technical partner Formosa Heavy Industries of Taiwan.
“Recognizing the need for a base load power plant in Panay which will not sacrifice the environment, the company opted to use clean coal technology as this was well-suited and compliant with environmental requirements and limitations,” Sebastian said.
The plant’s first 82-MW unit was synchronized with the Cebu-Negros-Panay (CNP) grid in November 2010 while the second unit was synchronized with the CNP grid at the end of February 2011 through a newly-completed 138-kilovolt National Grid Corp. of the Philippines (NGCP)-PEDC transmission line to the Sta. Barbara substation of the NGCP.
With this, the entire generation of the plant may be exported to the rest of the islands of Panay and Negros.
The group is set also to complete its three-boiler 246-MW clean coal power plant in Toledo City through Cebu Energy Development Corp., a consortium among GBPC, Aboitiz Power Corp., Vivant Energy Corp and Formosa Heavy Industries.
Once these projects are fully completed, the group will be delivering a total of 410 MW of new, additional capacity to the CNP grid by the first quarter of 2011. The group will then have a projected total installed capacity of 633 MW.
The Metrobank Group also has investments in five power companies in the region. Apart from PEDC and CEDC, it has ownership in GBH Power Resources Inc., Toledo Power Co. and Panay Power Corp.
PEDC will sell its power to seven electric cooperatives (ECs) under the Panay-Guimaras Power Supply Consortium (PGPSC) which signed a memorandum of agreement with PEDC on Oct. 29, 2009. These ECs are Iloilo Electric Cooperative (Ileco 1,2,3); Guimaras Electric Cooperative (Guimelco); Capiz Electric Cooperative (Capelco); Antique Electric Cooperative (Anteco); and the Aklan Electric Cooperative (Akelco).
This year, PEDC also entered into a power supply agreement with Central Negros Electric Cooperative Inc. (Ceneco), which supplies power to Bacolod City.