First Gen Hydro Power Corporation
First Gen Hydro Power Corporation operates the Pantabangan-Masiway Hydroelectric Complex (PMHC). Pantabangan and Masiway plants are cascading hydroelectric power plants located in Nueva Ecija, a province 180 kilometers northeast of Metro Manila. Commissioned in 1977 and 1981 respectively, Pantabangan and Masiway plants are part of a multipurpose hydro complex that provides irrigation to the rice lands of Nueva Ecija.
PMHC is also the largest storage-type hydro facility in the country with three billion cubic meters of water storage.
On September 8, 2006, First Gen Hydro Power Corporation (FG Hydro) won the bidding conducted by the Power Sector Assets and Liabilities Management Corporation (PSALM) for PMHC.
The 112-MW PMHC was transferred to First Gen on November 18, 2006, representing the first major generating assets of NPC to be successfully transferred to the private sector. The PMHC assets that were transferred to First Gen include turbines, runners, generators, generator buildings, transformers, a water treatment plant, warehouse buildings, main electrical controls and a traveling goliath crane.
Upon turnover, First Gen took over 2- to 5-year transition supply contracts with eight customers composed of four electric cooperatives, one private distribution utility, two government and municipality customers and one industrial customer. FG Hydro sells its excess generation through the Wholesale Electricity Spot Market.
On October 15, 2008, the board of directors of First Gen approved the sale of 60% of FG Hydro to Energy Development Corporation (EDC). The expansion into hydro via the acquisition of FG Hydro complements EDC's portfolio;and also provides vast opportunities for it to grow in the renewable energy sector. With this, FG Hydro is now an affiliate of First Gen.
The 100-MW Pantabangan hydro plant commenced operations in 1977 and consists of two 50-MW generating units. The 12-MW Masiway on the other hand, commenced operations in 1981 and consists of one 12-MW generating unit. Both facilities are located in Pantabangan, Nueva Ecija Province Central Luzon, 180 kilometers north of Metro Manila.
