Consortium to put up coal-fired power plant in Subic

SUBIC BAY FREEPORT, Philippines – A consortium composed of Manila Electric Co., Aboitiz Power Corp. and Taiwan Cogeneration Corp. is investing $1.28 billion in a 600-megawatt, supposedly clean coal-fired power plant within the Subic Bay Freeport Zone, a move that will help lower electricity rates and shore up power supply in the Luzon grid in three years’ time.

The power project, which officials from the three companies regard as timely and crucial, will be undertaken by Redondo Peninsula Energy Inc. (RP Energy).

According to Erramon I. Aboitiz, president and CEO of Aboitiz Power Corp., the project will be carried out in two phases of 300 MW each, with the first unit expected to go on line by 2014 and the second unit, by 2016.

Follow Us

Recent Stories:

• US stocks jump ahead of Fed meeting
• OFW remittances up by 6% to $2B in April
• Asian markets mixed ahead of US Fed meeting
• Peso falls anew on weak trading
• US stocks leap on market open
• Manila Water Co. rates to drop, Maynilad rates to go up in July
• BIR missed collection target in May
• PSEi gains 1.56%
• Higher diesel, gasoline prices seen this week
• More wind, solar projects eyed

Short URL: http://business.inquirer.net/?p=8241

Tags: Alternative Energy , Business , Coal Plant , electricity , Energy , environment , News , power , Subic