Atimonan One Energy Inc. , a subsidiary of Meralco PowerGen Corp., is open to take in partners for its planned 2,400-megawatt natural gas-fired combined cycle gas turbine power plant and liquefied natural gas terminal with floating storage unit in Atimonan, Quezon.
Meralco chairman and chief executive Manuel Pangilinan said they were willing to take a 60-percent stake in A1E. with the remaining 40 percent to be held by other investors.
Meralco PowerGen is the power generation arm of power retailer Meralco.
Meralco PowerGen president Jaime Azurin said they were expecting to receive an approval from the Department of Environment and Natural Resources for the conversion of the environmental compliance certificate of A1E from the initially proposed coal to gas-fired project.
“For the Atimonan, the amendment on the ECC is ongoing and we hope to convert the coal to gas by October of this year,” Azurin said.
Azurin expressed hope on bidding for Meralco’s power requirements once the ECC is approved.
“We are still awaiting Meralco’s CSP guidelines, and hopefully it could happen early next year and that is the time that Atimonan will bid,” he said.
A1E’S LNG power plant and terminal with floating storage unit is estimated to cost P175 billion.
A1E previously proposed a 1,200-MW ultra-superctirical coal-fired power plant of high efficiency-low emission in the project site which did not push through due to lack of power supply agreement and opposition from environmental groups.
The company decided to convert the coal plant into a cleaner option—a CCGT power plant using natural gas as fuel, delivered via an LNG carrier and LNG terminal.
The power plant will be constructed in two phases, with 1,200 MW for each phase. The power output will be transmitted to the Luzon grid via a 23-kilometer, 500kV transmission line to the New Pagbilao substation.
