Enex to start building gas power plant in Philippines this year

Manila-listed Enex Energy, a unit of AC Energy, will start building a gas-fired power plant in the Philippines later this year, the company said on January 9 in a stock exchange filing.

The 1.1 GW combined cycle gas turbine project is being developed by Batangas Clean Energy, a joint venture between Enex and Singapore-based Gen X Energy, a subsidiary of Blackstone, a US-based private equity firm. The project was first announced by Gen X Energy in January last year.

“The project will source natural gas from a nearby LNG import facility and is scheduled to enter construction in 2023. It is expected to start commercial operations in the second half of 2026 and operate for 50 years or longer,” Enex said.

The plant will be located on 24 hectares of onshore land and 15 hectares of foreshore area in Barangay Libjo and Barangay Malitam, Batangas City.

Enex said that Batangas Clean Energy is continuing with the various permitting requirements for the project and that no final investment decision has been made to date.

AG&P and Fgen LNG are developing LNG import projects in Batangas. The companies believe that LNG import infrastructure will play a critical role in ensuring energy security in the Philippines, particularly as the indigenous Malampaya natural gas resource is expected to decline in the next few years.