| US energy company to invest $1 B in Phl By Pia Lee-Brago The Philippine Star June 10, 2012 |
Manila, Philippines - Officials of GN Power Mariveles Coal Plant (GMCP) have informed President Aquino of their intention to expand their operations in the Philippines with an investment of close to $1 billion, according to the Philippine embassy in Washington.
During his visit to Washington, Aquino met with Dan Chalmers, chief executive officer of GN Power; Jason Oliver, senior vice president for Development of Sithe Global Power; and Robert Warburton of Denham Capital, when the President was informed of the coal plant expansion in Bataan to be able to provide more jobs to Filipinos.
The President thanked the group for their investment and expansion. He also noted that such investments are crucial for the economy to sustain and build on the 6.4 percent GDP growth in the first quarter of the year.
Aquino added the cost of power needs to be brought down to keep the Philippines competitive, especially in the manufacturing sector.
Meanwhile, Chalmers expressed confidence in the Philippines and informed the President that they would continue to explore possible projects in other parts of the country, such as Mindanao.
He also expressed his support for the President’s good governance initiatives and affirmed that recent successes are taking the Philippines in the right direction.
With the only committed base load power project in Luzon and the projected increase in power demand, GMCP intends to develop, construct, install and operate additional 2x300 megawatt (MW) power blocks.
The project is expected to have the lowest marginal operating cost of any coal project on the grid when completed. It will provide significant benefits to the local community by providing employment and reducing electricity costs.
Located in Mariveles, Bataan, the Board of Investments registered project involves the development of two identical 300 MW power blocks using Pulverized Coal Combustion technology.
The additional capacity would be situated adjacent to the first two 300 MW blocks, with construction expected to commence in the first quarter of 2013.
During his visit to Washington, Aquino met with Dan Chalmers, chief executive officer of GN Power; Jason Oliver, senior vice president for Development of Sithe Global Power; and Robert Warburton of Denham Capital, when the President was informed of the coal plant expansion in Bataan to be able to provide more jobs to Filipinos.
The President thanked the group for their investment and expansion. He also noted that such investments are crucial for the economy to sustain and build on the 6.4 percent GDP growth in the first quarter of the year.
Aquino added the cost of power needs to be brought down to keep the Philippines competitive, especially in the manufacturing sector.
Meanwhile, Chalmers expressed confidence in the Philippines and informed the President that they would continue to explore possible projects in other parts of the country, such as Mindanao.
He also expressed his support for the President’s good governance initiatives and affirmed that recent successes are taking the Philippines in the right direction.
With the only committed base load power project in Luzon and the projected increase in power demand, GMCP intends to develop, construct, install and operate additional 2x300 megawatt (MW) power blocks.
The project is expected to have the lowest marginal operating cost of any coal project on the grid when completed. It will provide significant benefits to the local community by providing employment and reducing electricity costs.
Located in Mariveles, Bataan, the Board of Investments registered project involves the development of two identical 300 MW power blocks using Pulverized Coal Combustion technology.
The additional capacity would be situated adjacent to the first two 300 MW blocks, with construction expected to commence in the first quarter of 2013.
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