The Luzon Grid will lose as much as 48.5 megawatts (MW) of capacity following the announcement of First Gen Corp. that unit 2 of its Avion natural gas-fired power plant in Batangas will have to undergo repair.
Based on the National Grid Corporation of the Philippines’ projections, the lost capacity will not affect much of the grid as current demand and supply margin in Luzon is still at 2,514 MW as of yesterday afternoon when peak demand was at 9,961 MW and available power is at 12,475 MW.
In a disclosure to the Philippine Stock Exchange, First Gen said the compressor of one of two gas turbines of the plant was found damaged during a routine inspection.
First Gen said the unit will require further offsite assessment in a service depot abroad to determine the extent of the damage and necessary repairs to place the gas turbine back into service.
Unit 1 of the power plant was not affected.
Meanwhile, First Gen said that it received a tender offer report last week from the Philippines Clean Energy Holding Inc. (PCEHI) that it will buy shares at P33 each to acquire at least 3 percent and up to 5.7 percent ownership of the company.
PCEHI will conduct the tender offer to acquire by way of secondary sale from existing shareholders a minimum of 107,897,265 issued and outstanding common shares and up to 205,000,000 issued and outstanding common shares that will start today (September 1) until September 29.
