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AboitizPower studies LNG projects in Luzon

ABOITIZ Power Corp. looking at liquefied natural gas (LNG) projects in Luzon, its top official said.

“We already articulated our plans for LNG and any LNG project that we will be doing in the future would be in the context of putting up a new baseload option compared to coal, when we can actually get a long-term contract that would allow us to also meet our risk thresholds,” Emmanuel V. Rubio, president and chief executive officer of AboitizPower, said in a media briefing on Monday.

He said AboitizPower is looking at LNG projects in Luzon.

“So yes, we are looking at Luzon, Visayas. If it’s us going in Luzon, we will be considering sites that are available for us now like Pagbilao. We are working with JERA [Co., Inc.] to have access to long-term competitive LNG contracts,” Mr. Rubio said.

To date, seven proponents of LNG terminal projects have been approved by the Department of Energy (DoE) for development, two of which are expected to come online in the first semester of 2023.

Linseed Field Power Corp. said that it had completed the conversion of a vessel into a floating storage unit for gas. The company is expected to start taking delivery of gas by March.

First Gen Corp., through its subsidiary FGEN LNG Corp., said its LNG terminal will also be completed by the first quarter. First Gen’s gas-fired power plants currently run on indigenous gas from the Malampaya-Camago reservoir, which is expected to start depleting next year.

At the local bourse on Monday, shares in the company shed 45 centavos or 1.2% to end at P37.05 each. — Ashley Erika O. Jose

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