By MYRNA M. VELASCO
The Philippine National Oil Company-Energy Development Corporation (PNOC-EDC) is all set on project blueprint and already in the process of identifying funding options for its proposed $770 million (approximately R41.58 billion at current peso-dollar exchange rate) worth of new investments that could harness a potential of additional 350-megawatt geothermal capacity for the country.
PNOC President Eduardo V. Mañalac disclosed that there would be four projects which the state-owned subsidiary plans to implement in the near term.
These would include the proposed 60-110-megawatt Cabalian geothermal plant in Southern Leyte; the 40 to 80-MW Rangas-Tanawon; 40 to 80-MW Dauin project in Negros Oriental; and the 50-MW greenfield Mt. Apo geothermal facility in Mindanao.
PNOC-EDC president Paul A. Aquino noted that the combined cost of exploring and developing steam field assets and the construction of power plant is set at a reference price of $2.0 to $2.2 per megawatt.
He stressed further that the eventual implementation of these projects "will depend on the evaluation of their economics;" primarily on the prospect of an easier access or connection to transmission lines.
Aquino has cited in particular the case of the planned Cabalian geothermal plant which would be needing a 137-kilometer transmission line so that its capacity could be accommodated into the grid. This particular project, it was gathered, will be requiring investment of roughly $200 million.
Mañalac noted that these proposed new wave of investments in geothermal resource exploration and development is all in keeping with the government’s agenda to increase the country’s energy self-sufficiency
From the short to medium-term, the energy firm said that it would want to continue expanding its niche in the geothermal sector; while also pursuing on the other side development of indigenous oil and gas reserves.
Primarily for the proposed Cabalian geothermal facility, project plan has already been submitted to the National Economic Development Authority’s Investment Coordination Committee (NEDA-ICC) for review and eventual approval.
If this is given a go-signal, it was pointed out that this will also pave the way for the long-delayed plan of setting in the Leyte-Mindanao transmission interconnection project.
Given the initial indications, the National Transmission Corporation (TransCo) sounded off that it can finally push for the proposed transmission lines link-up; and this clinches greater probability with the company securing higher capital expenditure allocation.
The project cost was originally set at around $375 million; but since this was drawn five years ago, Transco has contentions that this may have already changed.
