FGEN's San Gabriel 414MW Combined Cycle Power Plant unavailable for dispatch

First Gen Corporation (FGEN) is currently investigating the condition of the generator of its 414MW San Gabriel Combined Cycle Power Plant following a trip.

The initial investigation, which is being carried out by specialists from Siemens Power Operations Inc., indicates that there is an electrical fault in the generator, and pending completion of the inspection, the plant has been declared as unavailable for dispatch.

First NatGas Power Corp. (FNPC) is the project company and operator of the 420 MW San Gabriel natural gas-fired power flex plant. FNPC is a wholly owned subsidiary of AlliedGen Power Corp. (AGPC) which is in turn a wholly-owned subsidiary of FGEN.

As of end of 1H 2020, San Gabriel Combined Cycle Power Plant contributes US$97.3 Million to the revenues of FGEN. In March 2018, FNPC was awarded a six-year Power Supply Agreement (PSA) by Meralco for 414 MW of San Gabriel’s baseload capacity after undergoing a Competitive Selection Process (CSP). The sale of electricity to Meralco commenced on June 26, 2018 following the grant of a provisional approval for FNPC’s contract with Meralco that was received from the Energy Regulatory Commission (ERC).

Disclaimer: This is an independent analysis for discussion purposes with the aim of giving stock traders and investors an independent perspective. Accuretti Systems Inc. in the course of day to day trading may have own, or is considering buying or disposing, the shares of the companies mentioned in this commentary.

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