LISTED energy firm First Gen Corp. said a unit of its subsidiary Energy Development Corp. (EDC) had been fined by the Philippine Electricity Market Corp. for breaching dispatch schedules.
In a regulatory filing on Tuesday, First Gen said Bac-Man Geothermal Inc. (BGI), a subsidiary of EDC, had been fined P200,000 for a breach of real-time dispatch schedules or system operator instructions.
Bac-Man Geothermal’s breach was for two one-hour trading intervals in December 2014 and December 2017, the Lopez-led energy company said.
EDC, the renewable energy arm of First Gen, is said to operate more than 40% of the country’s renewable energy sources.
On its website, EDC said that it has around 1,484.13 megawatts (MW) of combined renewable energy portfolio, of which 1,189.34 MW come from geothermal sources.
Bac-Man Geothermal is the owner and operator of the 150-MW Bac-Man geothermal power plant facility in Bacon, Sorsogon City and Manito, Albay in the Bicol region.
First Gen and its subsidiaries are involved in the power generation business. The company is also aiming to expand its clean energy portfolio to up to 13 gigawatts of new clean and renewable energy by 2030.
At the local bourse on Tuesday, shares in First Gen fell by 26 centavos or 1.31% to end at P19.62 each. — Ashley Erika O. Jose