PETROENERGY Resources Corp. said on Wednesday that the certificate of compliance of Maibarara Geothermal, Inc. (MGI) had been renewed by the Energy Regulatory Commission (ERC), allowing the unit to continue its commercial operation.
MGI President Francisco G. Delfin, Jr. said the renewal of the certificate “testifies to the continuing technical, operational, and financial compliance of our two geothermal facilities to regulatory standards.”
The ERC notified MGI on Jan. 8, 2019 that the renewal application of its certificate of compliance (CoC) for the 20-megawatt (MW) unit 1 was approved by the commission en banc on Dec. 4, 2018. The certificate is proof that a power plant complies with the applicable regulations, making it safe to switch on and operate.
Mr. Delfin, who is also PetroEnergy vice-president, said the release of the certificate at the start of 2019 “is auspicious as MGI achieved a record annual gross generation of more than 240 GWh (gigawatt-hours) in 2018.”
The listed energy company also said that the ERC had incorporated MGI’s 12-MW unit 2, which has a separate certificate issued on April 16, 2018, into the renewed certificate of compliance of unit 1.
The move was in compliance with ERC Resolution No.16, Series of 2014, which requires the consolidation of all individual CoCs of one generation company under a single certificate.
Both Maibarara generating plants are now cleared for commercial operations from Oct. 2018 to Oct. 2023, when the next five-year renewal is set.
MGI is a joint venture among PetroGreen Energy Corp., with a 65% stake, Phinma Energy Corp. (25%), and PNOC Renewables Corp. (10%). PetroGreen is the renewable energy subsidiary of PetroEnergy.
On Wednesday, shares in PetroEnergy rose 0.81% to close at P3.74 each.
MGI’s unit 2 started exporting power to the Luzon grid around the first quarter of 2018 after it was successfully synchronized to the transmission system. Its power plant units are in Sto. Tomas, Batangas.
In December 2017, PetroEnergy said its second geothermal power unit had secured approval to participate in the wholesale electricity spot market, paving the way for its commercial operation.
PetroEnergy described MGI’s unit 2 as the fourth power generating plant completed by the Yuchengco-led company and put online in four years.
It marked the second wave of the company’s investment and operation in the renewable energy sector after the first wave with the 20-MW Maibarara unit 1 in February 2014, the 36-MW Nabas unit 1 wind farm in June 2015, and the 50-MW Tarlac unit 1 solar facility in February 2016. — Victor V. Saulon