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Banked gas sale attracts Meralco

Meralco PowerGen Corp. is looking at opportunities in the power sector, including joining in the sale of Malampaya’s banked gas and the appointment of an independent power producer administrator for the 200-megawatt Mindanao coal-fired power plant.

“We are looking at all potential opportunities. We want go into operating plants, but we have to review. For Mindanao, we’re looking at that. For banked gas, we attended but we haven’t made a decision,” Meralco PowerGen senior vice president Angelito Lantin told reporters.

Meralco PowerGen chairman Manuel Pangilinan said the company would study the possible natural gas power investment. The banked gas can fully fuel a 400-megawatt power plant.

The company attended the pre-qualification conference on the joint sale of the banked gas from the Malampaya gas field off northwest Palawan.

“It’s an industry that needs to be carefully study,” Pangilinan said.

Meralco PowerGen, the power generation unit of Manila Electric Co., plans to install a power generation capacity of up to 3,000 MW in the next few years.

Meralco PowerGen has received favorable developments in joint venture projects, moving it closer to financial closing and engineering, procurement and construction activities.

Redondo Peninsula Energy Inc., majority controlled by Meralco PowerGen, is pursuing a 600-MW coal plant in Subic, Zambales province.

RP Energy plans to start construction of the Zambales plant this year, Lantin said, and that discussions in the pricing are in advanced stage with the chosen EPC contractor.

Meralco PowerGen, meanwhile, is also waiting the approval on the power supply agreement of San Buenaventura Power Ltd.’s 455-megawatt coal plant in Mauban, Quezon.

Lantin expects the approval of the the San Buenaventura supply agreement with Meralco shortly.

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