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Lloyds Energy looking to build power plants in PH

Lloyds Energy, a Dubai-based company focused on the liquefied natural gas business, is looking at building power plants in the Philippines that run on that fossil fuel, according to Energy Secretary Alfonso Cusi.

Cusi yesterday told reporters the plan was for a merchant plant—a generator that would sell electricity through the spot market instead of a contracted buyer—with a capacity of 1,000 megawatts to 1,200 MW.

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“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 chief said.

The National Grid Corp. of the Philippines has put the Luzon power grid under red alert — when the day’s estimated peak demand may surpass available generating capacity — 14 times so far this year.

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To pursue its plan for LNG-fired plants in the Philippines, Lloyds Energy has signed a memorandum of understanding with state firm Philippine National Oil Co.

Specifically, the MOU committed the two companies “to 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.

Also, the agreement gives Lloyds Energy and PNOC rights to explore the viability of oil importation and storage.

Lloyds Energy was one of several entities—both foreign and local—that submitted to the PNOC proposals for a joint venture on an LNG terminal in Batangas.

PNOC announced acceptance of Lloyds Energy’s proposal, but the state firm later announced that it had changed its mind and rejected all such proposals as it would conduct an open tender instead.

That also did not prosper as, 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.

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TAGS: Business, Lloyds Energy
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