Connect with us

Hi, what are you looking for?

Economy

AC Energy unit’s diesel plant allowed to connect to grid

THE energy regulator has given the green light for a unit of Ayala-led AC Energy Corp. to connect its 300-megawatt (MW) modular diesel power plant in Rizal province to the Luzon grid.

In a decision posted on its website, the Energy Regulatory Commission (ERC) said that it had approved the application of Ingrid Power Holdings, Inc. to develop and own a dedicated transmission facility.

The transmission project will link the diesel plant to the grid by connecting to the 230-kiloVolt (kV) Malaya substation operated by National Grid Corp. of the Philippines.

However, the commission said that the grid operator will be in charge of operating and maintaining the facility to keep the reliability of the power grid.

In its ruling, the ERC said that Ingrid Power had spent P902.25 million for the transmission project, which covered Phase 1 of the Ingrid substation, Phase 1 of the Malaya substation, project management costs, and import fees, based on figures taken in November 2020.

Energy generated from Ingrid Power’s 300-MW plant is intended to serve as a source of reserves for the Luzon grid, according to the ERC. Project development for the plant is scheduled in two phases, with installations of 150 MW each.

The regulator also required the firm to pay permit fees of P6.77 million in line with the Commonwealth Act No. 146, and the commission’s revised fees and charges.

The commission’s decision, which was posted on its website on June 21, was signed by Chairperson and Chief Executive Officer Agnes VST Devanadera and four other commissioners.

Shares of Ingrid Power’s parent firm AC Energy inched up by 0.24% or two centavos to close at P8.47 apiece on Monday. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Thailand’s Phuket will ban travel from the rest of the country from Aug. 3 to 16 to try to stop a surge in coronavirus...

Investing

More than 5 million people had a parcel lost or stolen last year, according to Citizens Advice, which has called on the government to...

Investing

The number of people on furlough fell below two million towards the end of June as the economic recovery gathered pace, official figures show....

Investing

Amazon signalled last night that its breakneck growth will slow over the coming months as people emerge from pandemic restrictions. Net sales at the...

Investing

Speculation that the chancellor will delay his budget until next year is mounting after he instructed the spending watchdog to publish new forecasts without...

Investing

A further 30 black students starting at Cambridge University will have their tuition and living costs covered thanks to a scholarship scheme started by...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!