TEST
Home Tags Victor V. Saulon

Tag: Victor V. Saulon

Consunji-led SMPC ordered to suspend coal mining activities

THE Department of Energy (DoE) has ordered Semirara Mining and Power Corp. (SMPC) to suspend its coal mining activities as a result of the mudflow incident in Semirara Island in Antique province last month, the Consunji-led listed company told the stock exchange on Wednesday.

NGCP plans to invest up to P463 billion in next 10...

PRIVATELY owned National Grid Corporation of the Philippines (NGCP) targets to invest up to P463 billion in the next 10 years to improve the country’s power transmission backbone, it said on Wednesday to mark the 10th year of its franchise.

PetroEnergy’s Palawan wind farm gets go-signal from DoE

THE Yuchengcos’ energy arm PetroEnergy Resources Corp. said on Tuesday that its renewable energy unit had been awarded by the Energy department a service contract for a wind farm in San Vicente, Palawan.

AC Energy to invest in Zambales solar power plant

AYALA-LED AC Energy Philippines, Inc. said on Tuesday that its board of directors had approved the company’s investment in a 60-megawatt (MW) solar power plant project in Palauig, Zambales.

Regulator approved Wawa bulk water supply project — Prime Infra

THE WATER COMPANY of businessman Enrique K. Razon Jr. said on Monday that his joint venture for the Wawa bulk water project had been approved by the government, paving the way for improvement of Metro Manila’s supply.

Phoenix to offer P3B in commercial papers

PHOENIX Petroleum Philippines, Inc. plans to offer the remaining P3 billion of its P10-billion commercial papers registered with the securities regulator to refinance its loans, the oil company told the stock exchange on Monday.

PXP Energy unit inks rig assignment agreement

PXP Energy Corp. said on Monday that its petroleum exploration partner had signed a rig assignment agreement with the owners of a drill ship for the drilling of Peru Z-38 — Marina-1X well in January 2020.

Energy dep’t releases draft rules for law that will slash electricity...

THE ENERGY DEPARTMENT has released the draft implementing rules and regulations (IRR) for the Murang Kuryente Act, the law that allowed the use of the existing and future government share in the Malampaya gas-to-power project as payment for government debt now shouldered by consumers.

Malaysian firm eyes waste-to-energy PHL projects

A MALAYSIAN company has pledged to invest up to $2 billion to put up 12 waste-to-energy (WTE) facilities in the Philippines in partnership with Filipino company Integrated Green Technology, Inc. (IGT) and a French technology provider.

First Gen nets $54.5 million in July-September

FIRST GEN Corp. reported a third-quarter net income of $54.56 million, down 17.6% from $66.18 million a year ago, despite an increase in the company’s revenues from the sale of electricity.

PECO digs in, won’t sell distribution assets to new franchise holder...

PANAY ELECTRIC CO., INC. (PECO) is not interested in selling its power distribution assets in Iloilo City to the area’s new utility, a company official said on Thursday, citing unresolved legal issues between the two parties and the need for rules on takeovers.

Udenna buying Chevron’s stake in Malampaya

A UNIT of Udenna Corp. has signed a sale and purchase agreement to acquire the 45% stake of Chevron Malampaya LLC in the deepwater gas-to-power project located offshore of northwest Palawan, Udenna Chairman and Chief Executive Officer Dennis A. Uy said in a statement on Wednesday.

PXP proposes integrated gas hub at Malampaya site

PXP Energy Corp. said on Tuesday that it had submitted an unsolicited proposal to the Department of Energy (DoE) for the “strategic development and utilization” of an integrated gas hub at the site of the Malampaya project when Service Contract (SC) No. 38 expires in 2024.

Pilipinas Shell Q3 income drops

PILIPINAS Shell Petroleum Corp. reported a third-quarter net income of P640.68 million, down 63.4% year-on-year, amid “depressed regional refining margins.”

Coca-Cola installs solar panels in 2 PHL facilities

THE Buskowitz group said on Tuesday that Coca-Cola Beverages Philippines, Inc. has partnered with the solar rooftop system provider to install solar panels on two of the bottling company’s facilities with a total capacity of 3.9 megawatts (MW).

PECO says court still hearing Iloilo property tax dispute

PANAY ELECTRIC Co., Inc. (PECO) said Iloilo City’s plan to auction the land on which its electric poles stand is the subject of pending litigation, and that it made an initial property tax payment to a court hearing the dispute.

Maynilad breaks ground on P10-B sewage treatment plant

MAYNILAD Water Services, Inc. on Monday has broken ground on a P10.5-billion sewage treatment plant that is set to become the company’s largest in terms of capacity as it will be able to treat about 205 million liters of wastewater per day.

Manila Water 9-month earnings decline by 11%

MANILA Water Co., Inc. reported its net income fell 11% to P4.4 billion as of end-September, saying its performance is still dampened by the impact of the water supply shortage that hit its concession area in Metro Manila’s east zone early this year.

Iloilo sets P106.8 million auction floor for land under PECO’s power...

ILOILO CITY will auction off the assets of Panay Electric Co., Inc. (PECO) next month to pay for the distribution utility’s unpaid real estate tax liability and penalties amounting to P106 million since 2006, the city’s mayor said.

AboitizPower finalizing sale of biomass plant

ABOITIZ Power Corp. expects to finalize this month the sale of the 8.8-megawatt (MW) biomass power plant in Lian, Batangas under subsidiary Aseagas Corp., which the listed company wrote off for P3.7 billion early last year.

DoE won’t approve Meralco’s terms for selection process

MANILA Electric Co. (Meralco) is free to adopt its preferred terms of reference in the competitive bidding for the supply of 1,200 megawatt (MW), but the Energy chief will not approve a process that is different from what he previously suggested.

Probe under way on troubled brokerage

THE CAPITAL MARKETS Integrity Corp. (CMIC) has placed R&L Investments, Inc. under involuntary suspension as it continues its probe on the stock brokerage that was reportedly forced to stop operating after an employee allegedly stole stocks from the firm worth more than P700 million.

MWSS assures Razon firm of action on Wawa dam proposal

THE GOVERNMENT REGULATOR has assured that the Wawa bulk water supply project is up for final approval, Prime Metroline Infrastructure Holdings, Corp. (Prime Infra), the water company led by businessman Enrique K. Razon Jr., said on Friday.

Shakey’s net profit up 27.3% on new-store openings

Shakey’s Pizza Asia Ventures Inc. said third-quarter net profit rose 27.3% to P176.38 million as revenue grew in the double digits, in part after the opening of new stores.

PRC invests in two gaming subsidiaries

PHILIPPINE Racing Club, Inc. (PRC) said its board approved this week investments in two firms to bolster its gaming operations.

Bigger WESM charge pushes up Meralco bills

THE MANILA ELECTRIC CO. (Meralco) said on Thursday that electricity rates in November will increase by P0.4717 per kilowatt-hour (/kWh) as the power generation charge rose during the month.

AboitizPower bullish on 2020

ABOITIZ Power Corp. (AboitizPower) expects new power plants that will post their first full-year operations in 2020 to more than make up for the decline in its profit and revenue figures this year, its incoming president said.

SREC ready to expand Palawan minigrid

SABANG Renewable Energy Corp. (SREC) is ready to expand the capacity of its minigrid project in Puerto Princesa City, Palawan if the demand for power in the area it is serving increases to a level beyond the capacity of the 2.6 megawatt-peak (MWp) facility that started commercial operations on Thursday.

AEV Q3 profit dips as power unit falls

ABOITIZ Equity Ventures Inc. (AEV) posted a 6% drop in third-quarter net income to P6.8 billion as its power business segment, the biggest contributor to its bottom line, recorded a double-digit profit fall during the period.

MWSS annual audits of water firms start today

THE Metropolitan Waterworks and Sewerage System’s (MWSS) regulatory office (RO) has tapped an audit firm to look into the financial performance of Metro Manila’s two water concessionaires, the state agency said on Wednesday.

Shrinking refining margins pull down Petron’s income

PETRON CORP. posted a 70% fall in its net income as of September to P3.6 billion largely because of its shrinking refining margins, the company told the stock exchange on Tuesday.

ACEI transfers right to buy stake in Batangas project to local...

AC ENERGY, Inc. (ACEI), the Ayalas’ energy investment arm, has transferred its right to buy the 20% stake of its partner in a coal-fired power plant in Batangas to its unit handling Philippine operations.

GCG to decide on fate of PNOC’s subsidiaries

PHILIPPINE NATIONAL Oil Co. (PNOC) is leaving the fate of its exploration and renewable energy subsidiaries to the state agency overseeing government-owned and -controlled corporations (GOCCs), after a lawmaker called for their consolidation with the parent firm.

Wawa dam water supply for Metro Manila could face delay —...

RAZON-LED Prime Metroline Infrastructure Holdings, Inc. (Prime Infra) warned on Monday that it might not be able to deliver water to Metro Manila as scheduled in 2021 from Wawa dam in Rizal, citing the delay in government approval of the project.

AC Energy to acquire PINAI stake in Pagudpud wind farm operator

AC ENERGY Philippines, Inc. is buying the stake of an equity investment fund in their 81-megawatt (MW) wind farm in Pagudpud, Ilocos Norte, the listed company told the stock exchange on Monday.

Pryce earnings up 8% on LPG sales

PRYCE CORP. reported an 8.01% increase in its consolidated net income in the nine months to September to P1.204 billion largely because of the growth in its sales of liquefied petroleum gas (LPG), the listed company said on Monday.

Oil companies cut petroleum product prices

OIL companies are starting the month with a cut in the prices of petroleum products, extending the price cuts they implemented for most of October.

One-third of ‘contestable’ power consumers still unregistered — PEMC

UP TO 32% of electricity users that have been certified as “contestable” and can directly buy power from retail suppliers have yet to register in the retail electricity market, the Philippine Electricity Market Corp. (PEMC) said.

Iloilo City seeks Malacañang intervention in power distribution issues

THE ILOILO City government, in a letter addressed to the Office of the President, has raised safety concerns over the alleged inadequately maintained distribution lines owned by Panay Electric Co., Inc. (PECO).

MGen to swing to profit in 2020

MERALCO PowerGen Corp. (MGen) is expected to swing to profit next year with the full operation of its first power generation plant, reversing the losses that it had incurred after the delays encountered by some of its projects.

Second major quake in a week hits Mindanao

A MAGNITUDE 6.5 earthquake struck central Mindanao yesterday morning, just two days after a 6.6 tremor killed at least 8 people, the national disaster agency said.

Philippines to present nuclear plan to IAEA

THE GOVERNMENT will present a plan to revive the country’s nuclear energy development program in a meeting next month with the United Nations’ International Atomic Energy Agency (IAEA), Energy Secretary Alfonso G. Cusi said at the handover event of the phase one report of the Integrated Nuclear Infrastructure Review (INIR) mission at the F1 Hotel Manila in Taguig City.

Electric cooperatives reduce system losses in 1st half

ELECTRIC cooperatives managed to cut their system losses during the first half, allowing them to post a 13% increase in energy sales, the National Electrification Administration (NEA) said on Wednesday.

Maynilad backs Kaliwa Dam project

MAYNILAD WATER Services, Inc. has backed the development of Kaliwa Dam, calling the new water source as a “viable long-term solution” to the shortage suffered by Metro Manila residents.

Meralco rejects condition set by Cusi for new CSP

MANILA Electric Co. (Meralco) will call for bidders to supply 1,200 megawatts (MW) of energy capacity by using one set of terms for new power plants and a different one for existing facilities, going against the suggestion of the Department of Energy (DoE) to open the competitive selection process (CSP) without such distinction, its president said.