The Philippine Star
06/18/2006
The Philippines has been lauded for its pioneering efforts to bring geothermal and wind power into the renewable energy mainstream, a ranking energy official said.
National Transmission Corp. (TransCo) president Alan T. Ortiz said participants at the recently-concluded 17th Montreux Energy Roundtable (MER) in Montreux, Switzerland cited the country’s initiatives in pushing renewable energy sources to the forefront of energy usage.
Ortiz said Dr. Marianne Haug, chairman of Germany’s Forum for Energy Policy and Technology and former World Bank director for Southeast Asia, congratulated him for assuring the MER of the Philippines’ unrelenting commitment to developing the use of bio-energy and other forms of renewable energy.
In the session on geopolitics and energy security chaired by Dr. Subroto, former chairman of the Organization of the Petroleum Exporting Countries (OPEC) and Indonesia’s former Minister of Mines and Energy, Ortiz also called on all participants to understand and act on the root causes of terrorism.
According to Ortiz, energy security can only be realized when national and international energy companies immerse themselves in the progress, development and aspirations of their host communities.
The MER is an annual conference attended by select chief executives of energy-related companies.
Among the guest speakers invited this year are Dr. Amory Lovins, co-founder and CEO of Rocky Mountain Institute, and Dr. John Gault, editor of the Journal of Energy Finance and Development.
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The Philippine Star
06/18/2006
The Energy Regulatory Commission (ERC) has approved the power purchase and energy conversion agreement of the natural gas combined power project of National Power Corp. (Napocor) and Hydro Electric Development Corp. (Hedcor), the operator of the Ilijan natural gas plant in Batangas.
With the ERC approval, Napocor may now include the cost of the agreement in its fuel and purchased power adjustment clause now known as the generation rate adjustment mechanism (GRAM).
The application of Napocor to include such agreement in the calculation of its cost under GRAM was filed in 2001. In Sept. 13, 2004, the ERC granted Napocor provisional authority to include the costs of the agreement in its GRAM. This new order will make permanent the provisional authority granted by the ERC to Napocor.
In its six-page order, the ERC approved energy fees to be paid by Napocor to Hedcor consisting of two components, one denominated in dollars ($0.00013 per kilowatthour) and a peso-denominated component (P0.0012 per kwh).
Aside from energy fees, the ERC also approved operating and maintenance fees which include two components ($0.76112/kwh/month and P7.25/kwh/month). Capacity fee will also be paid at a rate of $7.25376/kwh/month.
The ERC noted that with the increasing power requirements in the Luzon grid, the operation of the Ilijan natural gas power plant would greatly help Napocor meet the increase in demand and ensure the customers of sufficient and efficient power supply.
"It is also in accord with the government policy on the exploration, development, utilization, distribution, and conservation of energy resources with preference for environment-friendly and indigenous sources of energy," the ERC said.
ERC, the country’s power sector watchdog, also noted that this agreement is also beneficial to Napocor’s customers in particular and the public in general.
It said it will also encourage private participation in the power generation in line with government’s thrust.
The energy conversion agreement (ECA) is based on a build-operate-transfer (BOT) scheme whereby Kepco Ilijan Corp. (Keilco) agreed to put its resources in developing the natural gas fired combined cycle power project without substantial cash flow from the Philippine government.
The scheme involves a connection to the Luzon grid using 500 kilovolt transmission lines. The project’s planned location is on a seashore site near Arenas Point, Ilijan, Batangas.
The project would utilize a 4X200-megawatt gas turbine model M501 G and a 2X200 MW steam turbine with a contracted capacity of 1,200 MW. The cooperation period would be for 20 years with the agreement effective on Feb. 5, 1998. The project was only completed in June 5, 2002.
A careful and thorough review of the case, the ERC said it found the Ilijan natural gas combined cycle power plant will give some benefits such as government revenue in terms of royalty share; net foreign investment portfolio (including upstream and downstream operation) which in turn will create new job opportunities; quantitative benefits in terms of reduce emissions; opportunity for increasing energy reliance; and lower bills compared to existing similar plants.
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The Philippine Star
06/17/2006
The Philippine National Oil Co. (PNOC) has completed the feasibility studies for four potential hydropower projects in Luzon and the Visayas, a top company official said.
PNOC president Eduardo Mañalac said the first two studies were conducted in the Timbaban and Villasiga areas in Panay Island while the other two studies were made in Catuiran in Mindoro; and Sicopong in Negros.
According to Mañalac, there are four more ongoing studies for various small hydropower projects.
"Ongoing feasibility studies are the Palawan (Langogan and Babuyan), being conducted by Soluziona (Spain), and the Kalinga-Pasil, undertaken by Westjec," he said.
The PNOC chief said they are optimistic they would be able to push through with one of these hydropower projects this year.
"The intent of PNOC is to demonstrate that small hydroelectric plants in the country can work," he said.
He said so far, interested parties in the Villasiga hydropower project include Korea Electric Corp. (Kepco) and Fusion Electric. "We’re talking to them to see how we can further this."
Mañalac said all the renewable energy projects of the PNOC group would be handled by PNOC-Energy Development Corp. (PNOC-EDC).
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The Philippine Star
06/17/2006
The Power Sector Assets and Liabilities Management Corp. (PSALM) will bid out the Pantabangan and Masiway hydropower plants after the wholesale electricity spot market (WESM) has been put in place.
"Pantabangan-Masiway are peaking plants. It is good if we can sell them after the establishment of WESM," PSALM president Nieves Osorio said.
Initially, these two hydropower facilities located in Nueva Ecija have been slated on the auction block in the first half of the year.
But Osorio said they would be able to get good price for these assets if these will be disposed at the time the WESM is already running.
PSALM earlier said at least 15 investors have expressed interest to bid for these two hydropower facilities.
Interested parties for Pantabangan-Masiway were given up to November last year to complete their respective due diligence and submit their letter of interest. The pre-bid conference was held last Oct. 19, 2005.
Bidders will be asked to post a bond of $2 million to be able to participate in the bidding of the two hydropower plants.
PSALM vice president Froilan Tampinco earlier cited investors’ continued interest, particularly in the hydroelectric assets of the government.
He assured them that PSALM, in coordination with other government agencies, is continuously seeking resolution of the issues raised regarding the assets.
"We are steadfast in making sure that all concerns and issues are addressed and ironed out first so winning bidders of these plants can focus on the efficient and unhampered operation of said plants," Tampinco said.
Another hydropower facility, Magat, located in Isabela province, is set for bidding in the third quarter.
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The Philippine Star
06/16/2006
With its interest waning in Manila North Tollways Corp. (MNTC), Metro Pacific Corp., the local flagship of Hong Kong-based investment and management company First Pacific Co. Ltd., is seriously considering acquiring power generation assets to be auctioned off by the government.
Metro Pacific president Jose Ma. Lim said the group is looking at a whole range of power projects including the 600-megawatt (MW) Calaca coal-fired power plant in Batangas.
The Calaca power plant is the first major generation asset on the government’s bidding line-up this year. It was first auctioned in June 2005 but the bidding was canceled when two of the three prequalified bidders backed out shortly before the deadline.
To further boost investors’ interest, the Power Sector Asset Liabilities Management Corp. (PSALM) announced early this month that it had attached a supply contract to the Calaca power plant.
Lim said the group considers the power generation business a lucrative venture as Metro Pacific seeks to build a stronger platform for growth.
Metro Pacific chairman Manuel Pangilinan, for his part, said while the group is still interested in buying out MNTC, it is on the look-out for other opportunities, particularly in high-growth areas to further build on its businesses.
"We can’t wait forever. There’s an option on our part to move on, maybe look at other opportunities because the discussions have been ongoing for more than a year. So I think it’s safe to say that no significant progress has been made. But there’s always room for negotiations," Pangilinan said.
At the same time, Pangilinan said he is interested in acquiring 100 percent of BusinessWorld, a business daily. His group currently owns 30 percent of BusinessWorld.
Metro Pacific approved a three-pronged reorganization plan that will involve the creation of a new debt-free investment holding company to continue the expansion of its real estate business, and to raise new capital for planned investments in infrastructure and consumer products businesses.
Under the reorganization plan, expected to be completed by September this year, an investment holding company to be known Metro Pacific Investments Corp. (MPIC) shall be formed to be owned 76 percent by the First Pacific Group of Hong Kong.
Pangilinan said the first stage of the plan involves a decrease in the authorized capital stock of Metro Pacific and a consequent reverse stock split. The consolidation ratio of new for old Metro Pacific shares will be determined such that the par value of the Metro Pacific shares will approximate its tangible net asset value per share post consolidation.
It also includes the sale of Metro Pacific’s entire shareholdings in Landco Pacific Corp. at fair value subject to the release of Landco shares which are currently pledged to certain creditors. The objective of this is to make Landco the initial core business of MPIC and receive new capital to expand its portfolio of operations. Landco needs P4.3 billion in the next three years to fund its expansion.
The second phase calls for MPIC to offer its shares for all the outstanding shares of Metro Pacific on a one-for-one basis. Simultaneous with this, MPIC will apply with the Philippine Stock Exchange for listing of its shares by way of introduction. Following the listing of MPIC shares, Metro Pacific shall cease to be traded on the bourse.
At the close of this stage, MPIC will own 87 percent of Landco and 100 percent of Metro Pacific which shall continue to exist as an unlisted corporate entity and own shipping firm Negros Navigation Co. and certain other assets.
Pangilinan said the third and final stage of the plan involves the implementation by MPIC of a rights issue to raise about P2.7 billion.
Metro Pacific swung back to profitability last year after four years of consecutive losses, on gains made by its property unit, extraordinary earnings and considerable progress in its debt reduction and corporate rehabilitation efforts. It reported a net profit of P194.2 million as against a restated net loss of P241.9 million in 2004.
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The Philippine Star
06/16/2006
Mirant Philippines president and CEO J.P. Leviste said the company’s barangay electrification program part of its long-term commitment to the power industry sector. Mirant Philippines, the country’s largest private power producer, expects to complete the electrification of at least 170 remote barangays by yearend.
"We are simultaneously working on the electrification of several barangays in some of the remotest parts of the country. We are actively pursuing these projects to help the Philippine government bring the benefits of electricity to the people and hasten the development of their communities," Leviste said.
According to Leviste, providing access to electricity in rural communities in the countryside will help improve the quality of life, uplift socio-economic conditions and jump-start economic activity in selected areas.
The Mirant official said the company’s electrification program is in coordination with the Department of Energy (DOE) as part of the government’s overall effort to achieve full barangay electrification by 2008.
Mirant’s rural electrification program is being implemented by Mirant Philippines Foundation. It is part of the additional 500 barangays the power firm committed to electrify for the 2005-2008 period in accordance with the revised targets of the DOE.
Leviste said the barangay energization is a commitment reiterated to President Arroyo by Edward Muller, chairman, president and CEO of US parent Mirant Corp. during a recent Manila visit.
In 2005, a total of 147 barangays were energized by Mirant; 133 of these were in Mindanao, 11 in Luzon, and three in the Visayas. Of the 170 barangays to be energized in 2006, around 90 will be in Mindanao, 55 in Luzon, and 25 in the Visayas. The rural electrification program entails the construction of distribution lines to far-flung barangays that do not have access to electricity.
The program is under Mirant Philippines’ flagship corporate social responsibility (CSR) program Barangay Electrification Assistance for Countryside Development (Project Beacon) that has energized over 1,000 barangays from 2001 to 2004 in 33 provinces at a cost of over P1 billion.
Over 11,000 kilometers of distribution lines were put up – roughly the distance between Manila and Los Angeles – across the various parts of the country. It is the largest ever CSR program undertaken by the private sector in the country.
Mirant Philippines, a wholly owned subsidiary of Atlanta-based Mirant Corp., owns over 2,000 megawatts (MW) of generating capacity in the Philippines.
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The Philippine Star
06/16/2006
The operation of the wholesale electricity spot market (WESM) in Luzon will start earlier than expected with the approval of the Energy Regulatory Commission (ERC) of two crucial applications of the Philippine Electricity Market Corp. (PEMC), a top energy official said.
"The President indicated that since we are now ready, then we should go for June 23. We need not wait for a later date that was initially based on her schedule, which was around July 6 or thereabout," Energy Secretary Raphael P.M. Lotilla said.
Lotilla said the ERC has already approved PEMC’s applications for price determination and market fees.
"The ERC chairman informed us that they have approved all of the requirements necessary for the commercial operation of WESM, which include the price determination methodology, the administered price and the market fees," he said.
The energy chief noted that all other necessary items needed for the WESM operations are in place.
"In addition, the tripartite committee put up consisting of the ERC, WESM and PEMC to set the price cap was also already convened and they have agreed on the implementation of the price cap," he said.
Lotilla said it is high time for the country to operate the WESM to eventually lower the country’s electricity rates.
"We look forward to the WESM for a number of things, not only that it would be providing a transparent market mechanism for buying and selling power, but it also would enable us to determine the market price, which would be the basis for determining the universal charge for stranded cost - which would enable us to refinance over a longer period of time. Definitely the impact (on power rates) would be lower. We could not proceed with this because there was no market price," he said.
Earlier, the ERC also approved the application of the National Transmission Corp. (TransCo) as the interim WESM metering service provider.
As a prelude to the commercial operations of the WESM, the ERC needs to approve the following: price determination methodology (PDM); market fees to be charged to all WESM members; and the administered price cap.
The PDM shall reflect the accepted economic principles of how energy will be priced in the WESM and will provide a level playing field to all electric power industry participants.
Market fees, on one hand, are the costs of administering and operating the WESM which shall be recovered by the market operator through the charge to be imposed upon all market members.
The administered price will be imposed during market suspension and intervention to be used as basis for settlements. All three concerns need to be synchronized to ensure the effective and efficient operation of the WESM.
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The Philippine Star
06/16/2006
The National Transmission Corp. (TransCo) has declared a major hurdle in the P8.15-billion Mindanao Backbone Transmission project which is scheduled to go on stream by December 2007.
TransCo president Alan T. Ortiz said they signed last week multipartite agreements with the National Commission on Indigenous Peoples (NCIP) and two indigenous cultural communities (ICCs) in Cagayan de Oro to formally resolve issues raised by indigenous groups seen to be affected by the Abaga-Kirahon-Maramag-Bunawan 230-kilovolt transmission project.
The TransCo chief said the signing of the agreements will pave the way for NCIP’s issuance of a Certification Precondition, which will allow Mindanao’s biggest power transmission project to traverse approximately 45 kilometers of ancestral domain areas.
Ortiz said the 663 circuit-kilometer project will not only ensure that the momentum of Mindanao’s industrial development would be sustained but will also guarantee that indigenous communities will also get their rightful share of economic development.
"This is a partnership that will last forever. This is a sign of TransCo’s respect for tribal communities in Mindanao. Nobody should be left behind in Mindanao’s march toward economic and industrial development. TransCo is committed to see to it that our indigenous communities will also reap the benefits of this project. We are very thankful for their support," Ortiz said.
As stipulated in the agreements, TransCo shall provide financial assistance for community development projects of affected tribal communities, avail of their services for line clearing works, give them employment priority, and grant compensation for property damages, among others.
The tribal councils, on the other hand, shall give their full consent to TransCo to manage, administer, regulate and undertake the construction and operation and maintenance of the multi-billion peso transmission line project. They shall also comply with TransCo’s policy and security regulations.
NCIP, for its part, shall see to it that the agreements are respected and implemented.
The Abaga-Kirahon-Maramag-Bunawan project is part of TransCo’s Mindanao Transmission Augmentation Program (MINTA) approved by the National Economic and Development Authority in March 2006.
Approved for funding by the Japan Bank for International Cooperation (JBIC), the project will begin construction phase this October.
The project is expected to enhance the security of TransCo’s transmission system and will ensure stable and reliable power delivery from the Agus and Pulangi hydroelectric power plants and the soon to-be-completed 200-megawatt coal-fired power plant in Villanueva, Misamis Oriental.
Ortiz said the uprating of transmission infrastructures is only half of the solution to the power challenge in Mindanao.
"We are ensuring that lines are in place and optimally working to deliver the growing power demand of the region but we also need to tackle the issue of generation. TransCo’s proposed Leyte-Mindanao interconnection system is expected to deliver the additional capacity which will be tapped from the geothermal field in Cabalian," he said.
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The Philippine Star
06/16/2006
President Arroyo led yesterday the first turnover of a build-operate-transfer (BOT) project involving a geothermal power plant from CE Cebu Geothermal Power Co., Inc. to state-owned PNOC-Energy Development Corp. (PNOC-EDC).
With the signing of the transfer agreement in Malacañang, the ownership and operation of the Upper Mahiao geothermal power plant in Kananga, Leyte will now be operated by PNOC-EDC starting June 25 this year, the end of the 10-year cooperation period of the two power firms.
CE Cebu Geothermal is a wholly-owned subsidiary of Mid American Energy Holdings Co. while PNOC-EDC is the geothermal and hydro development arm of the Philippine National Oil Co. (PNOC).
The agreement was signed by PNOC-EDC president Paul Aquino and CE International Ltd. Phils. president Joseph L. Sullivan.
Aquino told reporters that the transfer will improve the revenue stream of PNOC-EDC as it will result in lowering of payments for its BOT projects. PNOC has set aside some P7 billion for BOT payments in the next five years. This year, it will have to pay P2 billion worth of BOT contracts.
"As far as revenue is concerned – there is no revenue turnover – it’s just, technically speaking, lowering expense – as PNOC-EDC would no longer need to pay California Energy the energy conversion fee. So now, we operate the plant and it becomes our cost," he said.
Aquino said they would be maintaining 85 percent of California Energy’s existing personnel in the plant.
The Upper Mahiao power plant was constructed by Ormat Inc. and operated by CE Cebu for PNOC-EDC under a 10-year BOT agreement. Construction started in August 1994 and commercial operations started on June 25, 1996.
It holds the record as the largest geothermal power plant in the world that utilizes the geothermal combined cycle unit technology in a single powerhouse.
The plant provides power to National Power Corp. (Napocor) for distribution to Cebu through the Leyte-Cebu interconnection. It has an installed capacity of 125 megawatts (MW) and maximum reserve capacity of 173 MW.
Upper Mahiao is one of three BOT power plants operating in the steamfields developed by PNOC-EDC in Tongonan, Ormoc City, Leyte. The two others are the 231-MW Malitbog and 180-MW Mahanagdong power plants which are also operated by CE International Ltd. Phils., and will be turned over to PNOC-EDC in 2007.
The BOT Law became the basis for the establishment of power plant contracts for the Leyte geothermal power project which is now acclaimed as the single largest geothermal field in the world.
In contrast to the traditional geothermal development in the Philippines, wherein both conversion plant and electricity market are the responsibility of Napocor, the contract for the Leyte BOT power plants involves PNOC-EDC as steamfield developer having an energy conversion contract with a private sector-owned power plant and a power sales contract with Napocor.
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The Philippine Star
06/13/2006
The Philippine National Oil Co. (PNOC) is planning to build a refinery that would process jathropa into biodiesel.
PNOC president Eduardo Mañalac said the construction of the processing plant is part of the long-term plan for the development of jathropa as one of the sources of alternative fuels.
Mañalac said if they would be able to develop 118,000 hectares of land of jathropa, it should be able to produce 250,000 tons of biodiesel a year.
The PNOC chief however, pointed out that putting up a refinery would come on the latter part of the jathropa development plan.
"That is one of the options we are looking at. But at the moment, we are focusing on planting jathropa first," he said.
Mañalac said he has instructed the PNOC-Energy Development Corp. (EDC), which recently been tasked to handle the renewable energy development ventures of the PNOC group, to take charge of the japthropa development.
"We’re looking at something for biodiesel, this is one of the initiatives being pushed by President Arroyo. This jathropa is indigenous to the Philippines, we don’t know this goes by the name in other parts of the country as tuba-tuba," he said.
He said EDC has been conducting research studies and is now in the process of identifying the areas for jathropa plantation.
"Our plan involves the plantation approach. We think the success of a jathropa initiative to promote and make it work is by making sure that the production cost is low so that it could be competitive in price, and in order do to that, we have to do it in a commercial plantation style," he said.
Initially, he said EDC is testing the viability of planting jathropa in a 50-hectare land in Mindanao.
He said they are also looking at contiguous marginal lands with the right climate in eastern Luzon, Visayas and most of Mindanao as potential jathropa plantation.
Additionally, PNOC-EDC is in the midst of an experiment in Cabangcalan, Negros Occidential where it planted three varieties of jathropa to find out which one would give maximum oil yield.
"After that, then we would develop and grow our nursery. It does have several varieties, but we have screened it already. We believe this could be a prime part of the program to find alternative fuel," Mañalac said.
The funding for this project, Mañalac said, would come from PNOC’s budget for renewable energy development.
Earlier, President Arroyo has ordered the allocation of P1 billion from the PNOC and the National Development Corp. (NDC) for the development of jathropa into biodiesel.
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The Philippine Star
06/13/2006
The Department of Energy (DOE) has assured that appropriate counter measures will be implemented by the government to curtail the possible adverse impact of rising oil prices on the economy.
Energy Secretary Raphael P.M. Lotilla admitted that the continuing increase in oil prices could have an impact on the prices of other goods and services.
"We are very much concerned about the streak of price increases of oil in the global market and its impact on the domestic market and we assure the public that we are continuously working closely with other government agencies as well as with the private sector to counter inflation concerns," Lotilla said.
On the weekly increase of petroleum prices, the energy chief said the DOE is coordinating with the Department of Trade and Industry (DTI) to ensure that prices of basic commodities will remain stable as oil represents only less than 10 percent of the total cost of production.
"We note the continued cooperation and sensitivity of the private sector especially the manufacturing sector in the midst of soaring oil prices and we continue to appeal to them to soften the impact of price increases," he said.
The price of oil continues to rise in the global market due to several factors, including the tension between US and Iran, war in Nigeria, and huge oil usage in China and India.
The benchmark Dubai average price for the month of June is now at $65.91 per barrel compared to $65 per barrel in May.
While the average price of Mean of Platts Singapore (MOPS)-based unleaded gasoline has gone down by $ 2.10 from $86.80 per barrel in May to $84.70 per barrel in June, average price of MOPS-based diesel for June is now at $88.14 per barrel compared to $87.53 per barrel in May.
Oil companies have said they would need to recover another P1 to P2 per liter in the next few weeks due to the continuing rise in crude prices.
Meanwhile, the government has also reduced tariffs on petroleum products based on certain triggers indexed to oil prices in the world market to soften the impact of rising world oil prices on the economy and on consumers, without necessarily sacrificing government revenues.
The DOE, together with the Bureau of Customs, Department of Finance and the oil companies are now working on the mechanism to implement the pump price reduction resulting from the tariff reduction to benefit the riding public especially the transport sector.
"We assure the public that the corresponding tariff reduction will be accordingly reflected in the pump prices of diesel fuel the soonest possible time to help mitigate the inflationary impact of rising oil prices in the world market," he said.
He said the oil companies have likewise heeded the call of the government for an increase in the number of their stations offering P1.00 discount to jeepney drivers nationwide.
To reduce our dependence on imported oil, the government has pushed for the expansion of refinery capacity in coco-biodiesel and local production of bio-ethanol.
The DOE also anticipates the passage in Congress soon of bills calling for the mandatory mix of biofuels.
"The government is working closely with the private sector and the oil companies to help mitigate the inflationary impact of rising oil prices in the world market," he said.
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The Philippine Star
06/11/2006
The National Transmission Corp. (TransCo) has been cited as one of the top five firms in terms of governance among the country’s state-owned enterprises (SOE).
TransCo president Alan Ortiz said the decision of the Institute of Corporate Directors (ICD) to include TransCo in its list only goes to show the transmission firm’s readiness for privatization.
ICD is a non-profit organization promoting corporate governance reform and professional corporate directorship in the Philippines.
Ortiz said TransCo employees, from the rank and file up to the board members are honored and inspired by the recognition conferred by the ICD.
"This is a testament to our continuing efforts to institute and improve corporate governance mechanisms in the way we do things. The future concessionaire of TransCo will find that everything is already in place when it comes in," Ortiz said.
"We have always strived to be the best we can be. All our regional operation and maintenance groups as well as key functional groups have ISO 9001:2000-certified quality management systems. We want to turn over TransCo to the private concessionaire on a platinum platter," he added.
Results of ICD’s first-ever corporate governance scorecard for government-owned and controlled corporations and government financial institutions (GOCCs/GFIs) showed that TransCo was the highest-ranked GOCC as the top four placers (GFIs). There were 31 Philippine GOCCs/GFIs that participated in the survey. TransCo is the youngest corporation in the group at a mere five years old.
Supported by the British Embassy, the Capital Market Development Council (CMDC) and Governance Advisory Council of the President of the Philippines, the ICD survey covered five major concerns of corporate governance in SOEs: the state acting as an Owner, relations with stakeholders, transparency, disclosure, and responsibilities of the boards of state-owned enterprises.
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