MANILA, Philippines—The Energy Regulatory Commission has allowed the 52-megawatt power plant of Asia Pacific Energy Corp. (APEC) to operate for another five years.
According to ERC, it renewed for another five years the certificate of compliance (COC) of the circulating fluidized bed facility owned and operated by APEC—a private corporation majority owned by Formosa Heavy Industries Corp. (FHIC) of Taiwan.
APEC was found to be financially capable of operating the power plant during the term of its COC considering that it has no long-term debt to service for the next few years.
“The ERC needs to periodically monitor the operation of generation companies, such as APEC, to ensure adherence to the standards contained in the COC,” noted ERC chairperson Zenaida G. Cruz-Ducut.
APEC has a power and steam supply agreement (PSSA) with Formosa Power Supply Corp. (FPSC) and Trust International Paper Corp. (Tipco). The PSSA requires APEC to provide the power and steam requirements of the existing and future locators in the Tipco Estates Corp. Special Economic Zone (Teco-SEZ) located at Bundagul and Paralayunan, Mabalacat, Pampanga.