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$14B in planned LNG infrastructure in PHL at risk of being stranded BusinessWorld 3 hrs ago
Reporter
NEARLY $14-billion worth of planned liquified natural gas (LNG) import infrastructure in the Philippines may be at risk of becoming stranded assets as the cost of renewable power generation drops, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
“All 10.9 GW (gigawatts) of LNG-fired power capacity in the current pipeline with an estimated value of $13.6 billion in total investment is at risk of being stranded as the market adapts to lower cost renewable power generation,” IEEFA, an organization that examines energy markets, trends and policies, said in a report.
BusinessWorld
April 29, 2021 | 12:02 am
FIRST GEN Corp. said on Wednesday that Norwayâs BW Gas Ltd. had committed to provide a liquefied natural gas (LNG) vessel to the Lopez-led firmâs unit ahead of a similar deal with another local company.
It said BW Gas, which owns a subsidiary that will deliver the floating storage and regasification unit (FSRU), made the commitment as early as November last year.
First Genâs clarification in a disclosure to the stock exchange came a few days after the Department of Energy (DoE) approved Vires Energy Corp.âs application to proceed with its planned gas-fired power plant, which is integrated with an LNG storage and regasification facility, in Batangas.
Norway firm backs First Gen’s LNG project Jordeene B. Lagare
Norway-based BW Gas Ltd. has expressed its commitment to First Gen Corp.’s liquefied natural gas (LNG) project in Batangas.
The Lopez-led company told the local bourse on Wednesday that BW Gas issued a “commitment undertaking” to its subsidiary FGEN LNG Corp. as early as November last year.
BW Gas stipulated in the said undertaking that BW Gas unit BW FSRU IV Pte. Ltd. shall ensure “that the BW Paris was not contracted, either conditionally or unconditionally, to any person(s) (other than FGEN LNG) in a manner that would prevent the BW Paris from being available to be chartered by FGEN LNG to meet the requirements and timeframe of the project.”