The Philippine Electricity Market Corp., the governing body of the Wholesale Electricity Spot Market, imposed a P400,000 fine on First Gen Corp.’s subsidiary First Gas Power Corp. for alleged market rule violation.
First Gen said in a disclosure to the Philippine Stock Exchange Thursday it was advised by FGPC that the PEM board issued a resolution approving the imposition of the penalty for breach of WESM rules relating to real-time dispatch schedules and/or system operator instructions.
PEMC governs the WESM, the trading floor of electricity, while the Independent Electricity Market Operator of the Philippines runs it.
First Gen said FGPC, which owns the 1,000-megawatt Santa Rita combined cycle power plant, was reviewing its options. The Sta. Rita natural gas plant is one of the four gas-fired power plants of First Gen with a combined capacity of 2,017 MW.
First Gen is one of the country’s biggest power players with natural gas, hydro, wind and solar in its power generation portfolio.