First Gen Corp. has allocated a slightly higher capital expenditure (capex) this year at $550 million (P28.83 billion) compared to the previous year’s $530 million.
Bulk of the capex will be used for the continued construction of its liquefied natural gas (LNG) terminal, maintenance and expansion of geothermal projects as well as the development of a pump hydro storage plant.
Emmanuel Singson, First Gen chief finance officer, said in a virtual stockholders meeting yesterday said 50 percent of the capex will be for the projects to be pursued by Energy Development Corp. (EDC).
EDC is planning to spend approximately $266 million to fund its growth initiatives, drilling programs and upgrades.
The LNG terminal has a $135-million capex this year; while $70 million is allotted for the planned 100 MW Lake Aya hydro pump storage project in Pantabangan, Nueva Ecija.
First Gen said the remaining $50 million is for pre-development work on the planned 1,200 MW Sta. Maria natural gas-fired power plant in Batangas and another $30 million for the maintenance of existing gas plants.
