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SMC eyes RE power delivery in 2 years

AJ Bajo

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San Miguel Corp. (SMC) on Tuesday said that it plans to switch on the initial 800 megawatts (MW) of the 1200 MW renewable energy (RE) power plant facilities it recently unveiled by March 2020.

Conglomerate SMC registered an 18 percent drop in its net income in the first three months of the year, to P12.8 billion, on the back of the oversupply in poultry products and the volatility in global crude prices. 

“This will help… if you notice we had many red and yellow alerts, it’s because the supply and demand is spent,” SMC president and chief executive officer Ramon Ang said after the company’s annual stockholder’s meeting in Ortigas on Tuesday.

“Nine months from now. Maybe by March 2020, initially we should be able to launch at least 800 MW.”

Ang earlier on said that the whole 1200 MW solar, wind and pumped hydro storage facilities will be completed by 2024, the locations of which he has not disclosed yet.

He added that they are constructing the facilities on their own without any offtake agreement.

The portfolio of SMC’s power arm SMC Global Power Holdings Inc. (SMCGP) made up of coal, natural gas and hydroelectric power plants has a total generating capacity of 2,903 MW.

It accounts for 22 percent of the Luzon grid and 17 percent of the national grid.

SMCGP serves as the independent power producer administrator for the 100-MW sual power station in Pangasinan, 1200 MW Iljian Combined-Cycle power plant in Batangas and 345-MW San Roque Hydroelectric Multipurpose Power Project also in Pangasinan.

It also operates the 218-W Angat hydroelectric power plant in Bulacan, the 450-MW greenfield power plant in Limay, Bataan; the 300-MW greenfield power plant in Davao Occidental and the 684-MW Masinloc power-generating facility in Zambales.

Conglomerate SMC registered an 18 percent drop in its net income in the first three months of the year, to P12.8 billion, on the back of the oversupply in poultry products and the volatility in global crude prices.

Shares of SMC were sold for P182.20 apiece as of Tuesday, up by 0.11 percent.

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