PacificLight Power Pte. Ltd., an affiliate of Manila Electric Co., plans to join the bidding to supply Singapore’s power requirements of about 600 megawatts in the fourth quarter with possible investments of about $600 million.
“We are advised that Singapore is bidding out 600 MW each of gas plant somewhere in the island of Singapore. Our size is only about 800 MW, and we will certainly take a serious look at participating,” Meralco chairman and chief executive and First Pacific Co. Ltd. managing director Manuel Pangilinan said.
Pangilinan said if PacificLight would pursue the bid, it would need about $1 million per megawatt to build a new 600-MW liquefied natural facility.
PacificLight is owned by FPM Power Holdings (Singapore) Ltd., which is composed of First Pacific and Meralco’s power generation arm Meralco PowerGen Corp.
PacificLight has been operating two units of 400 MW of LNG power plants in Jurong Island, Singapore since February 2014. The facility supplies electricity to industrial and retail customers in Singapore.
Pangilinan said the PacificLight facility is one of the drivers of the power retailer’s income growth.
PacificLight recorded a consolidated core net income of S$221 million (P8.9 billion) as of end-June, up from S$147.7 million (P5.6 billion) in the same period last year.
This was driven by higher blended non-fuel margins, averaging S$100 per megawatt-hour, up from $S70.40 per MWh the previous year.
PacificLight’s LNG facility delivered 2,893 gigawatt-hours of energy in the semester.
PacificLight’s facility, one of the most efficient and modern plants in Singapore, is said to power over one million households from reliable, sustainable and environmental friendly energy supply.