|
|
| |
|
|
San Lorenzo Project
|
|
|
The
San Lorenzo 500 MW Combined Cycle facility is located
adjacent to Sta. Rita Project. The project’s strategic location allows
it
to share common facilities such as the tank farm and fuel jetty,
thus reducing the need to duplicate various operational facilities.
|
San Lorenzo Project
The plant consists
of one block
having a capacity
of 500 MW,
targeted for
completion
and commercial operation by
the first quarter
of 2002
|
Project Costs
The project cost is estimated at $500 million,
inclusive of capital costs, working capital requirements, related pipeline
financing, insurance and development costs. The financing is based on a 75%
debt and 25% equity structure.
Cost reductions via pooling of operations and maintenance
and other expenses can also be achieved. As such the San Lorenzo Project
is able to duplicate Sta. Rita’s competitive tariff to Meralco, despite being
smaller in scale.
Typical arrangement of SIEMENS GUD 1S.84.3A model with
horizontal heat-recovery boiler
San Lorenzo & Sta. Rita
San Lorenzo, similar to the Sta. Rita project,
will use Siemen’s 84.3a Combined Cycle gas turbine technology, one of the
most efficient available in the world today. The plant consists of one block
having a capacity of 500 MW, targeted for completion and commercial operation
by the first quarter of 2002. The plant will, likewise, initially operate
on liquid fuel, but will shortly convert to natural gas from the Malampaya
Gas Fields.
| TOP
|
|
|
|
Outstanding Features
- The San Lorenzo Project is expected
to play a critical role both in ensuring the establishment of the Philippine
natural gas industry as it will be a beneficiary of the country's first natural
gas production facility that is currently being developed in Palawan, Philippines
by Shell.
- The San Lorenzo Project will
also be used in promoting increased competition in the Philippine power sector.
Furthermore, it will play a critical role in allowing the Manila Electric
Company (Meralco), the offtaker of electricity, to meet its demand requirements,
as well as capitalize on the medium- to long-term power supply gap that is
forecasted for the region of Luzon.
- Finally, the San Lorenzo Project's
highly competitive tariff relative to other plants on the Luzon grid ensures
a lower electricity price for consumers.
| TOP
|
|
|
|
Project Sponsors
The lead sponsors for the San Lorenzo
Project are First Gas Holdings Corporation (FGHC), BG plc and Lopez Inc.
FGHC owns 41.6% of FGP Corp. FGHC, though,
is its wholly-owned company. First Gas Power Corporation (FGPC), is constructing
the 1,000 MW Santa Rita Project.
BG plc, which owns 23.4% of FGP Corp.,
is a publicly listed UK Company with extensive experience in the industry.
Lopez Inc., which owns 35% of FGP Corp., is the main holding company of the
Lopezes.
|
|
|
Power Rates
The San Lorenzo Project will operate as
a baseload facility and is expected to deliver competitively priced energy
to Meralco, which will take-or-pay for an MEQ equal to the net electrical
output of the plant at a capacity factor of 83%.
Based on Meralco's projection, the tariff
offered by FGP Corp. under the San Lorenzo Power Purchase Agreement (PPA)
is competitive with both the NPC grid rate and Meralco's alternative sources
of power.
|
|
click the schematic
for more info on SIEMENS
|
Contractor and Operator
On 18 March 1999, FGP Corp. entered into
an agreement with Siemens, a leading power plant contractor in the world,
for the Engineering, Procurement and Construction [EPC] of the San Lorenzo
Project.
The EPC Contract
is a fixed-price turnkey, date certain basis with guarantees for completion
and performance (heat rate & output) of the power plant. The construction
period is guaranteed at 23 months or 27 months depending on whether the four-month
early start option is exercised by FGP Corp.
The operation and maintenance of the San
Lorenzo Plant was awarded to Siemens Power Operations, Inc. (SPO), a 100%-owned
subsidiary of Siemens incorporated in the Philippines. SPO, among other activities,
will manage, operate, maintain the plant and perform the services and obligations
specified in the O&M Agreement. SPO is also the operator of the adjacent
Sta. Rita project.
|
|
|
|
| Company Overview | Clean Energy | Quality, Environment, Safety & Health
Policy Statement |
| Financials | First Gas ONLINE | First
Gas Power Corp. | Sta. Rita Project |
| San Lorenzo Project | First Gas Pipeline | Corporate Coordinates | HOME |
|
|
|
|
|