Links
AFFILIATE
Energy Development Corporation
Energy Development Corporation is the Philippines' largest producer of geothermal power and the acknowledged global leader in wet steamfield technology. It is primarily engaged in the exploration, development, optimization of geothermal steamfields, and power generation. It is an affiliate of First Gen Corporation, which holds an effective 49% economic interest in the company.
EXCHANGES
Wholesale Electricity Spot Market
The WESM allows suppliers and buyers to trade electricity as a commodity. WESM's role in the country's overall energy reform is to create a fair, transparent and reliable trading environment that will attract investments and encourage healthy competition.
GOVERNMENT AGENCIES
Securities and Exchange Commission
The SEC is a government body aimed at strengthening the corporate and capital market infrastructure of the Philippines, and maintain a regulatory system, based on international best standards and practices, that promotes the interests of investors in a free, fair and competitive business environment.
Department of Energy
The DOE is mandated by Republic Act 7638 (Department of Energy Act of 1992) to prepare, integrate, coordinate, supervise and control all plans, programs, projects and activities of the Government relative to energy exploration, development, utilization, distribution and conservation.
Energy Regulatory Commission
The ERC's functions include the promotion of competition, encourage market development, ensure customer choice and discourage/penalize abuse of market power in the restructured electricity industry.
Power Sector Assets & Liabilities Management Corporation
The principal purpose of PSALM, is to manage the orderly sale, disposition, and privatization of NPC generation assets, real estate and other disposable assets, and IPP contracts with the objective of liquidating all NPC financial obligations and stranded contract costs in an optimal manner.
MAJOR OFFTAKERS
Manila Electric Company
Meralco is the offtaker of the Santa Rita and San Lorenzo power plants. Meralco is the biggest power distribution utility in the Philippines covering a franchise area of 9,337 square kilometers, where around 20 million people or about a quarter of the total Philippine population reside. It serves 4.2 million customers in 25 cities and 86 municipalities.
MAJOR SHAREHOLDER
First Philippine Holdings Corporation
FPHC is a holding company with core investments in energy and strategic initiatives in property and manufacturing.
KEY PARTNER
BG Group
BG Group was the partner of First Gen in the Santa Rita and San Lorenzo power projects. BG Group is a leading player in the global energy market with operations in over 20 countries in five continents. BG Group has a history in all aspects of the energy sector, particularly natural gas, where they have experience across the entire gas chain - from exploration to delivery to the consumer. BG Group is a publicly listed company on the London and New York Stock Exchanges.
