Phinma Energy Corp., formerly Trans-Asia Oil and Energy Development Corp., said it plans to double power generation capacity to 1,000 megawatts over the next 10 years.
Phinma Energy president Francisco Viray told reporters the company’s generating capacity was expected to reach 500 megawatts by yearend.
Viray said the company was embarking on a cautious expansion mode amid the projected oversupply situation in the power sector in the coming years.
“Next ten years, we’re looking at double [capacity]. There is a lot of excess supply, so you have to consider that in next 10 years,” Viray said.
He said the company also planned to develop a 900-megawatt coal-fired power plant in Pangasinan but actual construction would depend on the timing.
Phinma Energy owns a diversified portfolio of power generation projects, which include wind, coal, geothermal and diesel.
The company’s consolidated net income grew 43 percent in the first half to P542 million from P377 million in the same period last year.
Revenue from the sale of electricity increased 11 percent in the first six months to P7.1 billion.
Available energy increased as unit South Luzon Thermal Energy Corp. started the commercial operations of the second 135-megawatt unit of a circulating fluidized bed coal-powered plant in February.
The first 135-MW unit of the South Luzon coal plant started commercial operations in April 2015. South Luzon is Phinma Energy’s joint venture with Ayala Corp.’s energy arm AC Energy Holdings Inc.
Energy supply increased in the six-month period, boosted by commercial operations of Power Barges 101 and 102 in February.
A third facility, Power Barge 103, is undergoing rehabilitation.
Trans-Asia Renewable Energy Corp., a wholly-owned subsidiary of the group which operates a 54-MW wind farm in San Lorenzo, Guimaras delivered 61.3 gigawatts of electricity in the first half.
Another affiliate, Maibarara Geothermal Inc., operated at a high level of capacity in the first half, except for mandatory maintenance in February.
Maibarara Geothermal is also expanding the power plant’s capacity to 32 MW from 20 MW by the second half .
The geothermal plant is a joint venture of Phinma Energy with PetroGreen Energy Corp., a subsidiary of PetroEnergy Resources Corp. and PNOC Renewables Corp.
Phinma. meanwhile, is a local diversified conglomerate engaged in energy, education, housing, steel building systems, hospitality and strategic consulting.
