First Gen to Invest Up to P30 Billion in Geothermal Wells

Strategic Insights -

First Gen Corporation, through its subsidiary Energy Development Corp. (EDC), is planning to spend up to P30 billion to drill 40 new geothermal wells through 2026 for its power generation facilities. This endeavor aims to increase the baseload generation capacity of the company. According to the plan, the wells will add up to 140MW of power generation capacity this year. EDC has already completed the drilling of 24 new wells last year and has planned six more wells for this year and five more for 2026.

Key Takeaways:

  • First Gen's subsidiary, Energy Development Corp. (EDC), will invest up to P30 billion to drill 40 new geothermal wells through 2026.
  • The wells are expected to add up to 140MW of baseload generation capacity this year.
  • EDC has already completed drilling 24 new wells last year and has planned six more wells for this year and five more for 2026.
  • Geothermal power generation is considered a technically challenging but valuable fuel source, offering baseload generation capabilities under any weather conditions.
  • The Philippine government is considering alternative energy sources, including geothermal and nuclear power, to reduce reliance on coal.

Statistics:

  • P30 billion: the total investment allocated for drilling 40 new geothermal wells through 2026.
  • 140MW: the expected increase in baseload generation capacity through the new wells.
  • 24: the number of new wells drilled by EDC last year.
  • 6: the number of wells planned for this year.
  • 5: the number of wells planned for 2026.

Sources:

  • First Gen Corporation's official statement regarding the investment in geothermal wells.
  • EDC's plans and updates on geothermal well drilling.