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Aboitiz Power Corp., an investor in the Philippines’ largest integrated liquefied natural gas facility, alongside Meralco PowerGen Corp. and San Miguel Global Power Holdings Corp., said the project will support economic growth and energy security.
“We’re pleased to continue diversifying our generation portfolio and enhance our ability to deliver energy security in the Philippines through this minority stake in the country’s first integrated LNG facility,” said AboitizPower president and chief executivde Emmanuel Rubio. “Its importance in maintaining grid stability cannot be overstated.”
Gas-fired power plants are a natural complement to variable renewable energy sources, especially for maintaining grid stability and energy security. LNG-powered turbines can adjust their output rapidly to compensate for the fluctuations inherent in renewable energy generation.The Philippine Energy Plan’s Clean Energy Scenario forecasts that by 2040, 50 percent of the country’s gross generation will come from renewables, with LNG contributing 26 percent.
The natural gas-to-power facility will also contribute to the Philippines’ economic growth by providing stable and reliable electricity. A capacity exceeding 2,500 megawatts is crucial, as the Department of Energy projects peak demand to increase by 6.6 percent annually from 2020 to 2040.
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