FIRST GEN BARES P1-M PENALTY

Listed power firm First Gen Corp has disclosed to the Philippine Stock Exchange that its 100 percent owned subsidiary was being penalized by the Energy Regulatory Commission (ERC).

FGen said that Prime Meridian Powergen Corporation (PMPC), a wholly-owned subsidiary of First Gen Corporation, received notice last July 10 that the  ERC had imposed a penalty of PHP 1 Million on PGMPC as a result of the ERC’s determination that in August 2017, PMPC did not comply with Section 45 of the EPIRA (Electric Power Industry Reform Act).

 PMPC is the owner of the 97MW Avion Open Cycle Power Plant located in the First Gen Clean Energy Complex in Batangas City.

PMPC is in the process of reviewing the decision, FGen told the exchange.