Phinma Energy Corporation told: Don’t just defer, cancel the project!

By Philippine Movement for Climate Justice
February 8, 2017

QUEZON CITY – The Philippine Movement for Climate Justice (PMCJ) lauds the decision of Phinma Energy Corporation to defer their planned 900 MW coal-fired power plant in Sual, Pangasinan. However, the group advises Phinma to totally cancel the project and, instead, invest in renewable energy projects.

Yesterday, Phinma announced that they are considering constructing the coal plant in the year 2023 to 2025 because right now, there are already a lot of coal plants operating and being constructed in the country.

According to Mr. Ian Rivera, National Coordinator of PMCJ, presently there are 25 existing and operational coal-fired power plants all over the country including the 1,294 MW coal plant in Sual, Pangasinan. In addition, 35 coal plant projects are in the pipeline aside from the planned 900 MW project of Phinma.

“Phinma has to decide to delist coal projects in their investments as this will turn out to be a stranded asset as renewable energy (RE) becomes more viable. Business-wise, investing in RE will yield far more returns because it is now cheaper, safer and with no negative externalities. On the other hand, coal is dirty and costly considering the harm and danger it poses to people and environment as evidenced by what is happening now in Limay, Bataan where host barangays are suffering from ill effects of the bottom ash produced from the operation of two coal plants in the area: the 140MW of Petron Refinery and the 300MW of San Miguel Global Power Corporation which is currently running on a series of tests”, Rivera added.