Ayala-led ENEX Energy Corp. reaffirmed its commitment to developing a liquefied natural gas (LNG)-fired power plant in Batangas, but clarified that the project will only proceed upon securing a long-term offtake agreement through a Competitive Selection Process (CSP).
At ENEX’s annual stockholders meeting on Wednesday, chairman Gerardo Ablaza Jr. said the proposed 1,100-megawatt (MW) combined-cycle gas turbine project under Batangas Clean Energy (BCE) is strategically positioned to provide reliable and cleaner baseload capacity for the Luzon grid.
“Our investee company BCE is making steady progress on its planned 1,100 MW combined-cycle gas turbine project,” Ablaza said. “The project is awaiting the launch of a CSP in order to secure a long-term offtake agreement—a key step towards construction and development.”
CSP is a regulatory requirement for power supply procurement in the Philippines, where distribution utilities are mandated to conduct a competitive bidding process before entering into a power supply agreement. This ensures transparency, fair pricing, and market competition, requiring at least two qualified bids before a contract is awarded.
ENEX holds a 50 percent economic stake in BCE, with the remaining half owned by Singapore-based Gen X Energy, a portfolio company of U.S. private equity firm Blackstone.
Ablaza emphasized that ENEX’s affiliate, ACEN Corp., will not participate in funding the LNG venture. ACEN has publicly committed to a renewable-only portfolio, aligning with Ayala Group’s broader sustainability goals.
The project, once approved, would mark a significant addition to the country’s energy infrastructure, offering a flexible and cleaner alternative to coal, while addressing growing electricity demand and potential grid instability.
