from BusinessWorld


STEAG State Power Inc.’s coal-fired thermal power plant in the town of Villanueva has covered 20% of the island’s 1.7-gigawatt power requirement in two and a half years of operation, exceeding its previous target of only 15% of Mindanao’s power demand.

Jerome Soldevilla, spokesman for the company, said the 210-megawatt (MW) power plant has become a reliable source of power for the Mindanao grid since it started operating in November 2006. The Department of Energy had said Mindanao would need an additional capacity of 850 MW until the middle of the next decade. The Mindanao grid only had a capacity of 1,700 MW, largely from hydropower plants and geothermal sources. In 2007, The German power firm’s third power plant outside Germany became the biggest single foreign investment in Northern Mindanao. STEAG State Power earmarked $305 million in investments and installed two thermal units fed with imported coal from Indonesia.

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