Maibarara project to sell power via the electricity spot market
Maibarara geothermal field at Mount Makiling, Philippines
Francisco Rojas
5 Nov 2013
The Geothermal project is expected to be online by the end of this year according to Maibarara Geothermal Inc.
MANILA – The proponent of the Maibarara geothermal project has signed up the facility in the Wholesale Electricity Spot Market (WESM).
In a disclosure to the Philippine Stock Exchange, PetroEnergy Resources Corp (PERC) said WESM operator Philippine Electricity Market Corp approved the entry of the 20-megawatt Maibarara power facility in the electricity spot market.
The WESM is a trading platform for electricity wherein bulk buyers or users such as distribution utilities or industries may source supply at market prices. These buyers forward their supply requirements to the market, after which suppliers offer their generating capacity. Those with lowest price offers are dispatched first until the buyers’ demand is met.
PERC wholly owns PetroGreen Energy Corp, which in turn has a stake in the project consortium Maibarara Geothermal Inc. (MGI).
MGI is expected to complete the Maibarara project in Sto. Tomas, Batangas within the year.
PetroGreen’s partners in MGI are Trans-Asia Oil and Energy Development Corp and Philippine National Oil Co-Exploration Corp.
Source: Interaksyon Website
