Energy World Corp. laid out an additional $32 million or about P1.5 billion on its ongoing liquefied natural gas terminal and power plant complex in Quezon province during the financial year that ended June 30, despite constraints on site works caused by the new coronavirus disease pandemic.
According to the Australian firm’s preliminary annual report, it spent $27.1 million related to the construction of and financing for its Pagbilao gas-fed power plant as well as $4.9 million for the adjacent LNG Hub.
These two projects in the Philippines accounted for more than half of the $60.2-million increase during the financial year in the value of EWC assets that were under construction. Two other projects involve LNG facilities in Indonesia and Australia.
EWC is building a multi-generator 650-megawatt power complex as well as a terminal for LNG imports that can hold an initial volume of 3 million tons a year.
Earlier this quarter, EWC said the scheduled completion of a crucial substation project was again pushed back due to constraints posed by the coronavirus pandemic.
EWC, which is listed at the Australian Securities Exchange, said in a regulatory filing it received notice from the Philippine Department of Energy that the Pagbilao substation—a project of National Grid Corporation of the Philippines — was now expected to be completed in January 2022.
EWC’s LNG hub and its anchor power complex was initially intended to go online in 2017 and, as of the latest, now marked to switch on by 2024.
NGCP’s Pagbilao substation is necessary to enable EWC’s power generators to deliver electricity to the grid.
“The ongoing lockdown of Luzon has affected our ability to carry our normal site operations at our Pagbilao LNG Hub Terminal and Power Plant,” EWC executive director Brian Allen said. INQ