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Groups file MR vs SMC injunction
Consumer groups are not letting up on San Miguel Corp. as they filed a motion for reconsideration before the Court of Appeals, or CA, concerning its decision allowing the Asian giant to pass additional costs from two of its power contracts to consumers. In July, the CA overturned an earlier order by the Energy Regulatory Commission, or ERC, that denied SMC and Meralco’s rate hike and instructed two SMC power units — a coal plant in Sual, Pangasinan, and a gas power plant in Batangas — to honor their straight-priced power contracts. The ERC order blocked SMC from forcing consumers to shoulder fossil fuel volatility costs which it committed initially to absorbing. “We are disappointed but not surprised at how the Court of Appeals yielded to the arm-twisting of SMC so that they can hike prices and turn back on its contracts,” Gerry Arances, convenor of the Power for People, or P4P. coalition, said. Arances added the CA decision will open the floodgates to higher electricity, as SMC and other fossil fuel power generators are now emboldened to ask for more rate hikes, and to participate and win auctions through bid prices far lower than what consumers will eventually be charged knowing they can apply for and possibly secure price adjustments during their contracts’ lifetime Big blow to consumers Lawyer Luke Espiritu, legal counsel of P4P and president of Bukluran ng Manggagawang Pilipino, a member-organization of P4P, said that the CA’s move is a big blow to consumers as its decision negates the straight-pricing contracts that cushion electricity consumers from market volatility. “All straight-price contracts, 23 by our count, are now at risk for price adjustment. We are now at the mercy of power companies who have the freedom to trick us into committing to a contract, only to back down when it is no longer profitable for them. Once again consumers are held hostage in this situation where they have no choice but to pay higher prices,” Espiritu said. The group also referred to the recent State of the Nation Address, saying that the CA’s decision goes against President Marcos’ goal of achieving “competitive pricing of electricity throughout the country.” The repercussions of the decision are already playing out, P4P said, with Meralco announcing just this week that San Miguel’s SMEC already issued its notice of termination, but that it was also San Miguel’s SPPC that offered a replacement capacity for a resulting Emergency Power Supply Agreement, or EPSA. “This is SMC ultimately hijacking power purchase bidding systems that are in place to protect consumers. We can only wonder where it pulls out its audacity to bid for the same power requirement shortage of Meralco that it itself caused. The spirit of competitive selection and least-cost electricity goes out of the window when companies like SMC are allowed to pull tricks like these,” Arances said. The post Groups file MR vs SMC injunction appeared first on Daily Tribune......»»
Lethal injunction
It took the decision of the 13th Division justices of the Court of Appeals, chaired by Associate Justice Victoria Isabel Paredes and with Associate Justices Mary Charlene Hernandez-Azura and Florencio Mamauag Jr., as members, to erase a key reform in the energy sector and turn contracts into nothing but scraps of paper. Introduced during the term of former Energy Secretary Al Cusi and hailed as a pivotal policy to keep electricity prices low was the competitive selection process or CSP which was at the core of the legal skirmish between San Miguel Corp. and the Energy Regulatory Commission. Under the Electric Power Industry Reform Act, the ERC oversees the CSP and acts as the quasi-judicial body for the sector. The CA issued last week a permanent injunction on the ERC order for SMC generating companies, South Premiere Power Corp. and San Miguel Energy Corp., to honor their power supply agreements or PSAs with Meralco. The PSAs require a fixed price on electricity which means that the cost can’t be passed on to consumers. The contract only allows for a price escalation in parity with the inflation rate. The PSAs in effect were disregarded through the injunction order, placing the sanctity of Philippine contracts in question due to a court intervention. Had the contract been followed, getting out of the PSAs would have been costly for SMC, as contained in the provisions of the documents SMC obtained when it bid for the contract. In the “Termination upon Event of Default” provision of the PSA, a unilateral pullout makes SMC Global Power, the parent of SPPC and SMEC, liable for P255.5 billion which is required to be paid in full, within 15 days from the demand for payment. Based on the terms of the PSA, the agreed damages “upon the occurrence of a Power Supplier Event of Default” or when SMC Global Power fails to deliver on its committed supply, “Meralco shall be entitled to liquidated damages, in lieu of all other damages to which it may be entitled” in the amount of P100,000 per megawatt per day of the contract capacity for the remaining term of the agreement.” The penalty is computed at P100,000 a day for 1,000 megawatts multiplied by seven years which was the remaining duration of the PSA. In its petition to the ERC, SPPC and SMEC invoked a “change in circumstance” to rescind the PSAs since its definition in the deal did not provide for changes in fuel costs. SMC Global Power, during the deliberations on the petition for a temporary price adjustment, had warned ERC that if it failed to act on the plea, it would terminate the PSAs, which would mean higher electricity prices in Metro Manila and nearby provinces of as much as 30 percent. Like clockwork, the SMC threat happened courtesy of the injunction order. The court order effectively placed the burden of SMC walking out on its contracts on the electricity users who would have to pay for the higher cost of electricity as a result. Had the contract been followed, an industry source said Meralco would have likely applied the huge penalty as a rebate or to cushion the higher cost of electricity at the spot market. The situation was stacked in favor of SMC since its power plants, due to numbers, dominate the spot market and thus it gains when Meralco needs to augment supply. Consumer group Power for People said SMC should be barred from doing business in the energy sector “for being unreliable.” With the PSA terminated, it is estimated that the cost to consumers would be an additional P25.8 billion in added electricity charges for the remaining seven years of the SPPC and SMEC PSAs. One stakeholder said that with the injunction, SMC was given a free pass to abandon the PSAs. The latest ruling affected some 300 megawatts supplied by SMEC. Meralco will have to source electricity from the spot market until it bids out a new contract. SPPC and SMEC, combined, supplied a total of 1,000 MW of capacity under the PSAs. The CA decision becomes patently anti-consumer considering that setting a precedent with the SMC case will prod other power suppliers of Meralco with straight pricing PSAs to instead seek court relief instead of petitioning the ERC. The sector then becomes a convoluted mess with unreliable contracts which are instantly thrown away through court injunctions. The post Lethal injunction appeared first on Daily Tribune......»»
Fried in own lard
While the National Transmission Corp. or TransCo concessionaire National Grid Corp. of the Philippines has been awash with cash as reflected in its billions of pesos of early dividends, it has not paid the government P3 billion plus interest on transmission fees before 2009 when the private firm took over operations of the power grid. The amount represents collections from power plants to which TransCo is entitled but remains unremitted. Under a privatization program, former President Gloria Macapagal-Arroyo approved a plan to privatize TransCo through a 25-year Operation and Management Concession Agreement. The bidding for the license to run the Philippine power grid was won by the NGCP in 2007, while Congress approved the bicameral resolution granting its franchise in 2008, and PGMA signed RA8511 into law, granting NGCP its franchise. On 15 January 2009, TransCo turned over the management of the country’s power grid to NGCP. TransCo, owner of the electricity network, and energy assets holding firm Power Sector and Liabilities Management Corp. have been demanding the payment of the amount. An energy official said the government can use the money to reduce power rates by deducting this from the monthly bills under the item universal charges. Universal charges include the so-called stranded costs or payables to Independent Power Producers that PSALM assumed from state firm National Power Corp. Instead, the energy official suspects NGCP used the withheld payments for its benefit to consistently pay fat dividends to its shareholders. In the recent Senate inquiry on the power industry, NGCP said of its P20.3 billion net income in 2019, P15 billion, or around 74 percent, went to dividends. In 2017, around 90 percent of its P20.6 billion net income went to dividends. For 2015, the NGCP distributed around 93 percent of its P22.5 billion profit as payouts to shareholders. The company particularly made its investors happy in 2014, when it said dividends exceeded its net income or P24 billion handed to stockholders against P22 billion in profit. Counting the potential interest, an energy source said the receivables from NGCP have now ballooned to more than P6 billion. NGCP’s rampant violation of the provisions of the concession agreement had resulted in a serious financial drain on the government. The provisions of the 2009 deal, which included the settling of all arrears such as the TransCo collectibles, also provided separate audited accounts for each related business and the need for NGCP to hold an initial public offering that it skirted through the back door listing of a holding company. TransCo’s financial claim from NGCP was upheld by an opinion on 18 April 2012 by the Office of the Government Corporate Counsel. “TransCo has already acquired immutable vested rights over the contested revenues,” the OGCC decision indicated. “Public policy considerations and the public nature of the receivables impose upon TransCo the obligation to recover the disputed amount for its benefit,” it added. NGCP holds a renewable 25-year concession contract and a 50-year franchise to operate the power transmission network in the country. Since the agreement was signed in 2009, the contract will run until 2034 and from then, the government has the option to renew it for another 25 years. An audit that has long been blocked by NGCP should happen and from there, the government should muster the will to take the necessary steps if abuse is found in the performance of the provisions of the concession agreement. The post Fried in own lard appeared first on Daily Tribune......»»
Revamped CSP eyes less friction
The Department of Energy is rendering the finishing touches to the revamped Competitive Selection Process or CSP policy. The agency is currently conducting public consultations to ensure that consumers will benefit from the revised rule. “The DoE is committed to our mandate, vision and mission to improve the quality of life of the Filipinos by formulating and implementing policies and programs to ensure sustainable, stable, secure, sufficient, accessible and reasonably-priced energy,” Energy Undersecretary Rowena Guevara said. During the public consultation, the DoE emphasized the expectation from distribution utilities or DUs such as Meralco to ensure a well-prepared Distribution Development Plan and the Power Supply Procurement Plan since these will be the references of DoE and NEA in the issuance of the Certificate of Conformity in terms of the contract quantity and cooperation period. Tighter deals The next schedule of public consultations will be on 17 and 19 April. The draft CSP policy is posted on the DOE website with a deadline for comments on 21 April. Government regulators want to further strengthen the rules governing the CSP, especially amid recent cancellations of deals that may threaten power supply stability. Energy Regulatory Commission chairperson Atty. Monalisa Dimalanta earlier said an evaluation will ensure consumers will be protected in the long-run. “We saw last year how even recently awarded power supply agreements were tested but they failed to withstand the challenges resulting in disputes and termination,” Dimalanta recently told reporters. She was referring to the straight-pricing contract of two San Miguel Corp. units that the company, citing piling losses from higher costs of fuel, sought to be suspended. ERC junked the SMC petitions citing the need to honor the provisions of the PSA. “So it compels us to evaluate the CSP rules to see what improvements can be made to avoid this to ensure commitments are delivered to consumers,” she said. The Department of Energy Circular DC2018-02-0003 entitled, “Adopting and Prescribing the Policy for the Competitive Selection Process in the Procurement by the Distribution Utilities of Power Supply Agreement for the Captive Market” governs the CSP. It refers to the process wherein a power supplier is chosen to supply electric power requirements of a distribution utility through transparent and competitive bidding. According to the DoE, the CSP policy aims to promote the needs of the consumers as presented in the Distribution Development Plan and Power Supply Procurement Plans of the DUs. The DU, on the other hand, should embrace the principle of technology neutrality and consider the reliability of energy services in a least cost manner. It should also ensure that it can meet the demand for its Captive Market at any given time. The post Revamped CSP eyes less friction appeared first on Daily Tribune......»»
ERC dismisses PSALM& rsquo;s bid to collect more stranded costs
The Energy Regulatory Commission dismissed several petitions filed by Power Sector Assets and Liabilities Management Corp. to collect stranded contract costs and stranded debts under the universal charge billed by state-run National Power Corp. to consumers......»»
Tallo mum on Converge FiberXers contract termination
CEBU CITY, Philippines—Cebuano cager Mac Tallo kept mum on The Converge FiberXers’ announcement to terminate his contract with them in the Philippine Basketball Association (PBA). CDN Digital reached out to Tallo but he decided not to speak about the issue. On Wednesday, February 7, The Converge FiberXers released a statement announcing their termination of Tallo’s.....»»
BOI-assisted RE firm to develop floating solar project in Laguna Lake
SunAsia Energy Inc., a firm assisted by the Board of Investments (BOI), will soon develop a floating solar project in Laguna Lake after signing a contract with the Laguna Lake Development Authority (LLDA)......»»
EU country profiting from Russian gas - Bloomberg
Gazprom supplied all of the agreed-upon volumes to Austria under a long-term contract, the outlet says Austria has become a net energy exporter for the first time in twenty years as stable supplies of Russian natural gas allowed it to sell more electricity than it imported, Bloomberg reported this week. .....»»
Court of Appeals dismisses Meralco, MPower petitions
The Court of Appeals has dismissed the petitions filed by Manila Electric Co. and its local retail electricity supplier MPower which questioned the Energy Regulatory Commission authority on retail contract disputes. .....»»
Alternergy gives up wind service contract
Renewable energy company Alternergy Holdings Corp. is giving up its wind energy service contract for an offshore wind development in Occidental Mindoro after finding the project unfeasible......»»
Toyota inks green energy supply contract
Automotive giant Toyota Motor Philippines Corp. has inked a retail supply contract with Team (Philippines) Energy Corp. to provide green-backed electricity for its manufacturing operations......»»
Rising energy player
Last May, President Marcos signed an agreement that would extend by 15 more years or until 2039 the service contract with the consortium operating the Malampaya gas field as the current 25-year contract is set to expire in February 2024......»»
ENEX-led SC 55 gets extension to drill in West Philippine Sea
A consortium led by ENEX Energy Corp., which is majority owned by the Ayala group’s listed energy platform ACEN Corp., has been granted by the government an extension to drill in Service Contract No. 55 in the West Philippine Sea......»»
DoE assurance: Barangay, SK elections brownout-free
Despite threats of yellow alerts in Luzon, the Department of Energy or DoE said there will be no power interruptions during the Barangay and Sangguniang Kabataan elections on Monday. “Safeguarding the energy needs of the country during the critical electoral process is our foremost concern and we have enlisted the full cooperation of all our stakeholders in the generation, transmission and distribution sectors in this endeavor,” Energy Secretary Raphael P.M. Lotilla said on Thursday. “Preparations have been undertaken to ensure that there would be enough power in days leading up to, during and in the immediate conduct of the elections,” he added. Based on the latest data provided by the DoE, the demand forecast in Luzon during the election week is at 12,257 megawatts or MW. Lotilla said that he has instructed the Energy Task Force Elections to prevent any unscheduled power outages that may disrupt the voting and counting processes. The group is also tasked to coordinate with the generating companies and the National Grid Corporation of the Philippines or NGCP to ensure the availability of generating units. The NGCP was likewise directed to utilize the High Voltage Direct Current and the Mindanao Visayas Interconnection Project during peak hours to balance the power supply and demand system of the grid. Additionally, the Energy Task Force Election will also manage the distribution utilities’ deployment of special and emergency line crews to check lines for any obstructions within their franchise areas. On election day proper, the special and emergency line crews will be on standby with the necessary logistical support to immediately respond to emergency cases affecting power supply. DUs were likewise directed to ensure that all substation facilities and distribution lines were in normal operations to prevent any disruptions in the energy supply. Separately, the National Electrification Administration or NEA, along with the 121 electric cooperatives under its watch, said it activated its 24-hour power situation monitoring system to help ensure a smooth conduct of the local elections. Under COMELEC guidelines, the NEA has been deputized and commissioned to "provide and maintain stable and continuous nationwide electric power requirements from the start of voting, until the termination or conclusion of the counting of votes, and the proclamation of the winning candidates." The post DoE assurance: Barangay, SK elections brownout-free appeared first on Daily Tribune......»»
PBBM brings home $120-million investment contract from Saudi Arabia trip
President Ferdinand Marcos Jr. on Saturday said he secured a $120-million investment contract for the Philippines amid a short trip to the Kingdom of Saudi Arabia. In his arrival speech at Villamor Airbase in Pasay, Marcos said Saudi Arabia expects to invest in the Philippines, making their partnership a "two-way street." "It's time that they bring investment to the Philippines to support their food supply situation, and to support the industries that they are going to expand," Marcos said. Still, the Philippines relies on its labor export background. The country signed multiple Saudi investment deals. Marcos claimed $4.26 billion in deals will help 15,000 Filipinos "in training and employment opportunities across a wide range of professions in the construction industry." A $120 million investment in the Philippines will train at least 2,000 Filipinos in construction crafts. To work on Saudi projects, Filipino skilled laborers are to be sent. Marcos' backing for these ventures reflects the Philippines' long-standing labor export program, which has produced billions in remittances. Marcos also told Filipinos that he would continue to promote the Philippines as a dynamic economic environment and deepen links with the Arab country on his overseas journey. "Let me assure you that we will continue to advance our national interest as we further expand our partnerships abroad," he added. Marcos also assured that his administration promoted the country's priority abroad. He emphasized collaboration in food and energy security, logistics and supply chains, digital transformation, and free trade. President Marcos declared he wanted to protect and upskill 2 million hardworking Filipinos in the Middle East. Marcos asked his fellow leaders from the two blocs to preserve a rules-based international order to ensure world harmony, especially with the Israeli-Hamas war. "The summit also provided ASEAN and GCC leaders an opportunity to convey their views on the ongoing conflict in Israel and Gaza. I shared our hope for peace, that it should prevail, and for the welfare and safety of civilians to be upheld in accordance with international humanitarian law," he said during his arrival speech. He urged Gulf governments to collaborate with ASEAN to promote "peace, security, and stability in both our regions, the South China Sea, and the Arabian Sea, grounded on the rules-based international order to ensure stability and prosperity of our countries and the rest of the world." The post PBBM brings home $120-million investment contract from Saudi Arabia trip appeared first on Daily Tribune......»»
ERC OKs termination of SMC-Meralco PSA
The Energy Regulatory Commission has approved the termination of two power supply deals between power companies owned by San Miguel Corp. and Manila Electric Co. (Meralco) totaling 1,800 megawatts......»»
DoE identifies offshore RE sites
The Department of Energy or DoE has identified nine potential renewable energy, or RE, sites to establish offshore wind ports that can serve as offloading terminals for a more seamless and efficient establishment of offshore wind or OSW facilities in the country. Speaking to reporters at the sidelines of an energy forum hosted by the Nordic Chamber of Commerce of the Philippines on Tuesday, Energy Assistant Secretary Mylene Capongcol said these ports will be developed to become staging areas housing the foundation, turbines, blades, and other materials that will be used in building the OSW structures. Capongcol cited Ilocos Norte, Batangas, Bacolod, Mindoro and Cagayan Valley as among the initial locations where the planned ports will be assembled. The Asian Development Bank will assist in evaluating these sites. “These are just initial identification and these nine ports are based on the project developments. They are initially identified to support and advance project constructions in these areas,” she said. To further uncover the country’s OSW potential, the DoE said “suitably sized and strategically located ports are essential for the storage, assembly, construction and operation of OSW farms.” Potential private sector partner Recently, the state-run Philippine National Oil Company disclosed that it is looking for a potential partner from the private sector to convert its 19-hectare Batangas port into an OSW Power Integration Port. It also tapped the University of the Philippines National Engineering Center to “help us because the decision not to award the contract for the commercial port expansion and shift to an offshore integration port was only last month.” The DoE has been pushing for the development of OSW to ramp up local indigenous supply amid growing demand. Based on the Philippines OSW Roadmap launched in 2022, the country has about 178 gigawatts or GW of OSW potential. OSW contracts awarded To date, the DoE has awarded a total of 79 OSW Contracts with a total potential capacity of 61.931 GW, spread mainly North of Luzon, West of Metro Manila, North and South of Mindoro, Panay, and Guimaras Strait. These, according to Capongcol, are all under the development stage, which includes preliminary wind data gathering, application for endorsements, and request for System Impact Studies. Despite the vast supply available nationwide, the OSW roadmap showed that the tedious permitting process as well as grid assets availability should be resolved. As such, the DoE vowed to enhance the policies on the OSW development, taking into account the streamlining and stricter timeframe outlined in the Energy Virtual One-Stop Shop law on the processing and issuance of licenses and permits by the concerned national and local government entities. The post DoE identifies offshore RE sites appeared first on Daily Tribune......»»
Think tank: SMGPH faces liquidity crunch
The declining profitability of San Miguel Corporation’s energy unit San Miguel Global Power Holdings Corp. has affected the capability of the company to meet near-term financial obligations, according to a report of the Institute for Energy Economics and Financial Analysis, or IEEFA. Local groups held a forum on Wednesday ahead of the 133rd anniversary of the Adian conglomerate that focused on the “losing strategy” of maintaining its dependence imported fossil fuel with its planned shift from traditional coal to liquefied natural gas, or LNG. Think tank Center for Energy, Ecology and Development indicated during the event that SMGPH is implementing “a losing strategy that is having devastating consequences on shareholders and investors, energy consumers, and the environment.” “While SMC is pursuing the country’s further dependence on fossil fuel, it is also losing on the actual energy transition development. SMC had lost in the race to secure new permits for renewable energy capacity, which will be built in the next two to three years,” Gerry Arances, CEED executive director, said. Sam Reynolds, author of an Institute for Energy Economics and Financial Analysis, or IEEFA, report titled San Miguel Global Power: Fossil fuel-oriented growth strategy raises financial red flags, said the article detailed the financial issues SMC faces because of its reliance on coal and gas. IEEFA is a Detroit-based advisory group for energy industry strategies. He warned the company’s overexposure to volatile fossil fuel prices could sink its financial health and that “SMGPH’s overreliance on fossil fuels has weakened its financial health — moving from coal to LNG is not going to solve the fundamental problem of overexposure to fossil fuel prices.” SMGPH debts are falling due between 2024 and 2026, according to the study. The company’s financial position would likely remain inadequate to address the callable perpetual securities, amounting to $3.4 billion (P193 billion). “SMGPH could face a double-edged sword. On one hand, the need to redeem perpetual securities demands additional capital or funding. On the other, opting not to exercise the call option subjects the company to additional financial costs, further straining its financial position,” according to IEEFA. No contract to back up projects “This is especially true when you consider the company’s lack of contracts for its existing and proposed LNG facilities,” he added. SMC’s status as one of the country’s biggest conglomerates entails that the company should be among those leading the transition away from fossil fuels, Reynolds added. Reynolds also doubts the company will be able to fulfill the 2050 net zero commitment it unveiled earlier this year. “Unless there is a major, material pivot within the company to transition to renewables and phase out its fossil fuel expansion plans, the company is going to have very little chance of achieving its 2050 net zero target. Without a strategic, material, immediate pivot, that goal is simply unrealistic,” he said. Liquidity crunch possible As a result of SMGPH’s declining profitability, IEEFA’s analysis indicated that its ability to cover near-term financial commitments in the form of debt, interest and capital distribution for perpetual securities may have worsened considerably. This points to an overall liquidity crunch, which could translate to a longer-term funding shortfall if not carefully managed. IEEFA indicated that its view “aligns with conclusions from Bloomberg Intelligence, which stated that the company may need $900 million (P51 billion) by the end of this year to meet its financial commitments. “SMGPH’s funding constraints also depend on its ability to extend P21 billion worth of short-term loans. There is also a possibility of obtaining local funding due to its connection to parent company SMC,” IEEFA indicated. Its financial SMGPH’s perpetual securities come with a notable feature: a step-up interest mechanism. If the call option on the security is not exercised, the interest rate increases by a certain percentage each year. SMGPH has strategically tapped into the issuance of bonds and loans to fund its expansion plans, increasing its total debt. Total equity has also grown, driven largely by the company’s issuance of perpetual securities. The paper added that a broader assessment, beyond operating cash flows, reveals a rising liquidity risk for SMGPH. It measured the SMGPH’s cash flow from operations (CFO)-to-current liabilities ratio, the results of which pointed a “concerning trend.” The ratio has been on a downward trajectory since 2019. In 2022, the CFO-to-current liabilities ratio plummeted to an all-time low of -0.12, indicating insufficient cash flow to cover short-term liabilities. The same ratio remained weak in the first half. Its ratio in 2022 was 1.00, down from 1.43 in 2021, meaning the company has exactly one dollar of current assets for every dollar of current liabilities. “In essence, the company holds a relatively tight margin of assets available to cover its immediate financial obligations. Meanwhile, the accounts receivable turnover ratio stood at 3.15, marking its lowest value since 2016.” The post Think tank: SMGPH faces liquidity crunch appeared first on Daily Tribune......»»
Batangas offshore wind port eyed
As part of its drive to become a strategic power industry player, state-run Philippine National Oil Company or PNOC targets to convert its 19-hectare Batangas port into an Offshore Wind or OSW Power Integration Port. At a recent budget hearing of the Senate sub-finance committee last week, PNOC president Oliver Butalid said the company is currently looking for a potential partner from the private sector to complete the proposed venture. "We are exploring going into a joint venture with a port developer, and we are discussing now with the Public-Private Partnership Center. This is going to be a dedicated integration port for OSW. I think it is responding to the need rather than perceived to be changing direction," Butalid said. He noted that PNOC has also tapped the University of the Philippines National Engineering Center to "help us because the decision not to award the contract for the commercial port expansion and shift to an offshore integration port was only last month." Meanwhile, Senator Sherwin Gatchalia, vice-chairman of the Senate Committee on Energy, said that PNOC should ensure that the project would be feasible to justify using taxpayers' money for the undertaking. "I respect your corporate decision, but then I will be looking at what you have achieved after one year (because I )am accountable to our constituents on the money that is being spent on all these projects," the senator said. PNOC's proposed corporate budget for 2024 stands at P1.96 billion, 86 percent higher than this year's allocation, and 60 percent of which will be earmarked for the port project. Last year, PNOC remitted close to P1.7 billion pesos in dividends and about P1.2 billion in taxes to the government. Since 2010, the company has remitted a total of P21.12 billion to the national coffers. For PNOC, significantly investing in the Batangas facility will bankroll its conversion into becoming a dedicated OSW integration port from being just a general commercial port. The Department of Energy or DoE has been pushing for the development of OSW to ramp up local indigenous supply amid growing demand. As such, it vowed to enhance the policies on the development of offshore wind, taking into account the streamlining and stricter timeframe outlined in the Energy Virtual One-Stop Shop law on the processing and issuance of licenses and permits by the concerned national and local government entities. The Philippines OSW Roadmap launched last year showcases the country's potential OSW resources estimated at 178 GW. As of 22 June, the DOE has awarded 66 OSW Contracts with a total potential capacity of 53.85 gigawatts — enough to supply the country's future electricity demand. The post Batangas offshore wind port eyed appeared first on Daily Tribune......»»
Unhappy couples need fresh start — JV
Couples who are no longer happy in their marriage deserve a fresh start, Senate Deputy Majority Leader Joseph Victor “JV” Ejercito said Thursday. In a press conference at the Senate, Ejercito explained why he voted in favor of Committee Report 124, which recommended the approval of Senate Bill 2443, or the proposed Dissolution of Marriage Act. “There are relationships that are already irreparable. We don’t want people to be miserable,” he said. He added: “The bottom line is people don’t deserve to be miserable. If it’s irreparable, we have to give them a second chance.” He, however, clarified that he purposely signed the committee report to discuss the bill more thoroughly in the plenary. “But, of course, we are a Christian nation. That’s why it is difficult to get an annulment. We’ll just hear it. Anyway, I signed it because I want more discussion about it on the floor,” he said. Meanwhile, Senate Majority Leader Joel Villanueva remained firm in his opposition to the bill. “Divorce is a big no for me! Yes, to making annulment accessible to the poor,” Villanueva said in a separate statement. The lawmaker, the son of Jesus is Lord Church founder and CIBAC Representative Eddie Villanueva, clarified that the approval of the proposed measure was only at the committee level. “The approval of the divorce bill or any other bills at the committee level is part of the legislative process. Every member of the Senate is free to conduct hearings that are referred to their respective committees,” he said. “But I just want to clarify that the nine senators who signed the committee report do not represent the majority of the Senate. Most of our colleagues signed it so that it can be discussed in the plenary,” he said. Committee Report 124 was prepared by the Senate Committee on Women, Children, Family Relations and Gender Equality, headed by Senator Risa Hontiveros. Villanueva acknowledged that some relationships, particularly where violence is involved, should be ended, despite his firm opposition to the proposed measure. “This is where the annulment and the declaration of nullity of a marriage come in. We should instead hasten the process and make it more accessible to everyone, regardless of their status in life,” he said. Under the proposed measure, an absolute divorce is defined as “the legal termination of a marriage by a court in a legal proceeding, requiring a petition or complaint for divorce by one or both party/ies, which will have the effect of returning both parties to the status of being single for all legal intents and purposes, including the right to contract a subsequent marriage.” One of the grounds for filing for an absolute divorce is the commission of the crime of rape by the respondent-spouse against the petitioner-spouse, whether before or after the celebration of their marriage. The post Unhappy couples need fresh start — JV appeared first on Daily Tribune......»»