AboitizPower sees oversupply in Mindanao

ABOITIZ Power Corp. has joined the chorus of generation companies that expect an oversupply of electricity in Mindanao starting this year and possibly extending into the next five years as new power plants come on-stream on the southern island. “The oversupply in Mindanao is actually serious, it’s huge. Mindanao has a peak requirement of about…

SMC unit seeks to build transmission facilities

SMC Consolidated Power Corp. (SCPC) is asking provisional authority from the Energy Regulatory Commission (ERC) to build its own transmission facilities that will connect its power plant in Limay, Bataan to the Luzon grid. SCPC, a subsidiary of San Miguel Corp., placed the cost of the dedicated point-to-point limited transmission facilities at around P114 million….

SMC in talks to sell stake in Limay plant

DIVERSIFIED San Miguel Corp. (SMC) is discussing with cooperatives the possible sale of a portion of its stake in its clean coal-fired power plant in Limay, Bataan. The country’s most diversified conglomerate has offered as much as 49% of the power plant’s ownership to cooperatives and other customers, its President and Chief Operating Officer Ramon…

Investors swamp P15-B bonds of SMC power arm

Investors swamped the P15-billion bond offer of SMC Global Power Holdings Corp. “It’s at least three times oversubscribed,” said Ed Francisco, president of BDO Capital and Investment Corp. SMC will list the bonds today at the Philippine Dealing System. Read more here.

Coal plants face challenges with Lopez

New coal power plant projects are facing uncertainties following the appointment of Regina Lopez as the new Environment secretary, an industry executive said Thursday.  President-elect Rodrigo Duterte named Lopez as the new head of the Environment Department, which is in charge of issuing environmental compliance certificates to new power projects.  The coal plants are also…

SMC Global to use bond proceeds to pay off debt

SMC Global Power Holdings Corp., the energy unit of conglomerate San Miguel Corp., said it will use the proceeds of its P15-billion bonds to pay off its debt. In its filing before regulators, the company said it hopes to refinance its $300-million outstanding short-term loan it secured with BDO Unibank Inc. in January last year. Read…

SMC tests coal-fired power unit in Davao

SMC Global Power Holdings Corp., a unit of conglomerate San Miguel Corp., started testing and commissioning the first phase of its 300-megawatt coal-fired power plant in Malita, Davao, officials said Tuesday. An SMC Global official said reliability test runs would be conducted within the month, with full commercial operations to follow. The source said the first 150-MW…

SEC oks Php15B SM Global bond

THE POWER generation arm of San Miguel Corp. (SMC) secured the approval of the Securities and Exchange Commission (SEC) to commence the sale of fixed-rate bonds.  The SEC cleared, in an en banc meeting on Tuesday, the application of SMC Global Power Holdings Corp. to raise P15 billion from a bond issuance, Armando A. Pan,…

San Miguel opts for clean coal

San Miguel Corp. (SMC) is shunning coal-fired power plants and will instead continue to invest in “clean coal” technology, its top official said yesterday.  The so-called clean coal uses the circulating fluidized bed (CFB) technology that has the ability to achieve lower emission of pollutants.  Read more here.

SMC Global $15B bond gets top credit rating

Power generation firm SMC Global Power Holdings Corp. has secured the top credit rating from local credit watcher Philippine Rating Services Corp. for its proposed P15-billion retail bond offering.  The proposed bonds were given the rating of “PRS Aaa,” meaning the bonds are of the “highest quality with minimal credit risk.”  Read more here.

SMC allots US$4.2B for 5 power plants

San Miguel Corp. (SMC) is earmarking about $4.2 billion to put up five power plants in Luzon and Mindanao, with a total capacity of 2,100 megawatts (MW).  Read more here.