FGEN sees gas, RE portfolio help attain consumer goals

By Lenie Lectura – August 14, 2024
from Business Mirror

FIRST Gen Corp. (PSE: FGEN) announced last Tuesday its gas and renewables portfolio would help large-scale power consumers achieve their sustainability and decarbonization goals.

The Lopez-led firm is positioning itself as a provider of “innovative” and low-carbon energy solutions. It has over 1,650 megawatts (MW) of renewable energy (RE) capacity from 26 power facilities running on hydro, wind, solar and geothermal resources.

It also owns and operates four power plants running on natural gas, the cleanest form of fossil fuel. Together, all 30 power generating facilities have a combined capacity of 3,668 MW.

During the recent 2024 Philippine Semiconductor and Electronics Convention and Exhibition in Pasay City, FGEN Vice President Carlos Lorenzo L. Vega said more large-scale power consumers are expected to explore “innovative energy solutions” with the company even as they adjust to challenges posed by the country’s growing power demand; precarious power supply situation; and the need to reduce carbon emissions, especially from carbon-intensive coal, the dominant fuel for the country’s power plants.

“More companies recognize that, while they cannot get full RE, they want to discuss a plan on how to decarbonize,” said Vega.

However, he noted that the country’s power reserves are inadequate due in part to increased economic activity. At the same time, it said that 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 during the forum organized by the Semiconductor and Electronics Industries in the Philippines Inc., a trade association whose members include the country’s biggest power consumers.

“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.”