EWC (ASX) Philippine connection issues

Originally posted by Oranje ↑

Below a 20 June 2016 online article which appeared in http://lng-projects.com/energy-world-set-to-open-lng-plant/

Energy World set to open LNG plant
By admin -
Jun 20, 2016
Energy World Corp. committed to commission the first 200-megawatt unit of the 650-MW liquefied natural gas combined cycle power plant in Pagbilao, Quezon by the end of the year.
Energy Department director Irma Exconde of the Electric Power Industry Management Bureau said EWC was supposed to commission the first unit within six months.
“The commissioning date of the first 200-MW gas turbine is six months after drawdown of the funds,” she said, quoting the letter of EWC to the department.
EWC said on June 14 it achieved drawdown of the P1.5-billion funds for the Pagbilao LNG hub terminal project, which meant the project was expected to be completed by Dec. 14.
The company’s omnibus loan and security agreement provides an additional P2-billion facility for the project.
Standard Chartered Bank acted as issue manager and bookrunner while Land Bank of the Philippines was the lead arranger of the loan.
Energy undersecretary Mylene Capongcol earlier said tEnergy World’s natural gas plant power facility could not deliver power to the Luzon grid despite being completed.
“They are having interconnection problems,” Capongcol said.
Capongcol said Energy World’s planned floating storage regassification unit, which was supposed to be the first LNG facility in the country, remained to be completed.
Reynaldo Umali, chairman of the House committee on energy, also said a team from the committee visited the company’s project and learned about the interconnection issues hounding the project.
“There’s a problem in the interconnection. But the plant itself can produce anytime. It’s ready for commissioning, except for the interconnection concerns,” Umali said.
Energy World previously targeted to complete the first 200-MW unit by March. The second 200-MW unit was supposed to be in commercial operation by June.
The company will initial source LNG from a floating, storage and regassification unit, pending the completion of an LNG terminal.
The company earlier said the LNG hub would primarily facilitate the distribution of LNG and natural gas, including receipt, storage and dispatch of LNG cargoes to four main markets, namely the Energy World plant, small-scale terminal, LNG and compressed natural gas for fuels and other markets in Asia Pacific.
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Source: LNG

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They are fantastic at not meeting their own targets!

Fair dinkum!

Unfortunately, its probably not their fault this time either!

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Last 2.0¢		Change -0.003(13.0%)		Mkt cap ! $29.24M

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