San Miguel Corp.-controlled Converge Power Generation Corp. plans to develop a 600-megawatt liquified natural gas combined cycle power plant project in Lapu-Lapu City, Cebu with an estimated project cost of $1 billion, documents show.
CPGC said in a filing with the Department of Environment and Natural Resources the additional capacity would support the program of the Department of Energy in ensuring stable power supply for the Philippines.
CPGC aims to construct and operate a combined cycle power plant within the 26.16-hectare property leased from Keppel Cebu Shipyard Land Inc. and National Development Company in Barangay Poblacion, Lapu-Lapu City.
A combined cycle power plant converts energy resident in natural gas/oil to electricity. CPGC said the country’s electricity demand is projected to grow by 5 percent a year and will eventually reach 49,287 MW by 2040 based on the the Power Development Plan 2017-2040 of the DOE.