Trans-Asia Oil and Energy Development Corp.'s listing at the Philippine Stock Exchange.
MANILA, Philippines – Trans-Asia Oil and Energy Development Corp. said it expects to start operations of the first unit of its coal-fired power plant in Batangas by the end of the year in time for the expected power shortage in the summer of 2015.
The coal plant project, the South Luzon Thermal Energy Corp. (SLTEC), is under its joint venture with the Ayala group.
Trans-Asia president Francisco Viray said the 135-megawatt power plant in Batangas is just the first phase of the 270-megawatt power complex of SLTEC.
The operations of the second unit of the power plant will start next year.
It will provide part of the capacity requirements of the Luzon grid for 2015 to 2016.
“For the next two years, we have our project in SLTEC, this in joint venture with Ayala. We will be commissioning the first unit by the end of the year, and the second unit one year after. After that we will probably get our next major projects after 2020, and these are the service contracts that we have in hydro,” Trans-Asia president Francisco Viray told ANC on Thursday.
Viray said he believes that the insufficient power supply situation is just seasonal, and he does not see a long-term power crisis as long as the power plants are running.
Meanwhile, Trans-Asia unit Trans-Asia Petroleum Corp. made its debut at the Philippine Stock Exchange on Thursday by way of introduction.
Trans-Asia, using the ticker TAPET, is offering 250 million shares at P4.60 apiece.
“Listing this early will enable us to access the capital market for our future requirements,” said Viray.