First Gen Corp., the country’s leading producer of renewable energy (RE), said Tuesday it is prepared to address the needs of more companies who want to decarbonize and seek innovative energy solutions.
First Gen said in a statement it expects more large-scale power consumers to explore innovative energy solutions to assure their electricity supply while meeting their sustainability and decarbonization goals.
“More companies recognize that, while they cannot get full RE [renewable energy], they want to discuss a plan on how to decarbonize,” First Gen vice president and head of power marketing and economics Carlo Vega said during a presentation at the 2024 Philippine Semiconductor and Electronics Convention and Exhibition in Pasay City.
Vega said the country’s power reserves are inadequate due in part to increased economic activity, and the country has to reduce its carbon emissions as part of a global campaign to fight adverse climate change.
“The question we need to answer is how we intend to address this growth while we transition to more decarbonized energy future,” Vega said.
“So, considering climate change, energy security and the government’s policy promoting renewables for a decarbonized future, we must plan for a cleaner energy scenario where coal contributes less in the power mix,” Vega said.
Vega said First Gen could not provide a fully renewable energy solution to all its customers due to supply limitations, but electricity from natural gas presents “a pragmatic solution with its lower carbon footprint and ability to flexibly provide reliable baseload, mid-merit, and peaking power supply needs.”
He said First Gen constructed a liquefied natural gas (LNG) terminal to secure fuel for its natural gas plants.
“This [LNG terminal] will enable our 2,000 MW gas-fired plants to continue operating and address the energy security in the Luzon grid,” Vega said.
