Rokajax search

Tuesday, 7th February 2023



  • Home
  • Lopez Companies
    • Business and Finance
    • Calendar
    • Promos and Offers
    • Lopez Group Companies
  • HR Updates
    • HR Council
    • Business Excellence
    • Job Opportunities
  • Employee News
    • Message from Lopez
    • Meet the Executive
    • Meet the Team
    • Milestones
    • Spotlight
    • Advocacy
  • Corporate Sustainability
    • ABS-CBN Foundation
    • Sagip Kapamilya
    • OML Climate Change Center
    • Knowledge Channel
    • Lopez Museum
  • Lifestyle
    • Kapamilya Entertainment
    • Power Plant Mall Finds
    • ABS-CBN Publications
    • Food and Recipes
    • Lifelong Wellness
  • Blog
  • Lopez Values
    • 7 Lopez Values
    • The Credo
    • Web Comics
    • Special Feature

Message from Lopez

Remarks of Federico R. Lopez, Chairman and CEO, at First Gen Annual Stockholders Meeting on May 13, 2015

Hits: 2858
Twitter

Federico R. LopezFederico R. Lopez

The years 2013 and 2014 clearly exposed the vulnerability of our operations to the “new normal” of climate change. The Philippines is ranked globally as among the most susceptible to such extreme weather events, and it’s fundamental that we embark on measures that create a more robust and a more resilient First Gen in the coming years.

“Future-­‐proofing”
At our geothermal subsidiary -­‐-­‐ Energy Development Corporation (EDC), we recognize that the most vulnerable of our structures are our cooling towers and control rooms. We have since begun exploring innovative and resourceful designs for these — as well as for our other plant facilities —uprating them to withstand more intense rainfall and higher wind speeds of up to 300kph. The planned upgrades are already underway for these facilities, making them more robust and more resilient in the years to come.

Also, given that our geothermal plants are situated in the most rugged landscapes, we’ve spent the last eight years identifying and addressing close to 150 critical geohazard-­‐prone areas within our concession sites. By end 2014, we’ve completed all the mitigating measures necessary to ensure the safety of our people and our structures. But we remain vigilant to new geohazard threats posed by natural calamities.

In addition to the many innovative engineering solutions that we’ve already begun tapping, we are also building stronger emergency preparedness and response capabilities within the company by hiring some of the best full-­‐time dedicated emergency teams in the country. They are strategically being deployed throughout our various sites across the country — ready and capable to respond rapidly in case of emergency, and also to act as a resource in training our partner communities and local governments in disaster preparedness. We believe that, aside from being force-­‐multipliers in times of crisis, all these activities will also increase the bonds of partnership and trust we have with our local communities.

Managing Risks
In July 2014, Typhoon Glenda caused heavy flooding in the First Gas Sta. Rita and San Lorenzo plants, halting operations for two days. The typhoon also caused damage when a wayward barge owned by a third party came loose from Balayan Bay during the storm and slammed onto our fuel jetty in Batangas. Although both incidents had no material effect on our operations at the time, the damage to the jetty severely constrained liquid fuel deliveries for six months until repairs were completed in January 2015.

In many ways, managing the risks that emanate from the “new normal” is key to keeping our operations humming and our cash flows steady. Although we have been sufficiently protected by insurance in many of these instances, we must proactively manage our risks and prepare for contingencies so that we remain ahead of the curve and keep insurance and interruption costs down.

We have thus embarked on a “strategic spares” program — at EDC, we have begun stocking up on critical plant equipment onsite and in safe locations. At First Gas, we closely monitor the condition of our transformers, but we also have a spare 318-­‐megavolt amperes (MVA) transformer ready within the First Gen Batangas complex that can be put to use at moment’s notice should there be a failure again of one of the transformers as happened with Units 40 and 60 these last two years.

Energizing the Future
Despite some snags these past two years, First Gen continues the upward trajectory of its bottomline. For 2014, net income attributable to Parent is USD193.2 million — up significantly by more than 63.6% over the previous year, the highest in our 15-­‐year history! We expect this, albeit more steady, rise to continue as we strengthen our earnings base with the solid execution of our new and existing projects.

The next few years should see First Gen capitalizing on its strengths to power the company and our nation’s energy needs. Our natural gas platform should see a firm strengthening as we complete our 97-­‐ MW Avion open-­‐cycle plant within the third quarter 2015, and the 414-­‐MW San Gabriel combined-­‐cycle plant within the second quarter of 2016, to serve mid-­‐merit requirements of the Luzon grid. These gas-­‐fired additions to our Santa Rita and San Lorenzo plants will form the basis for the development of a Liquefied Natural Gas (LNG) import terminal in Batangas, with enough demand to underpin its economic viability.

In the geothermal space, EDC will continue to optimize its steam and power resources locally, but we’re also eyeing exciting prospects in Latin America, which present major sources of growth potential for our geothermal business.

In Chile, for instance, we will be conducting our first major international drilling campaign in October 2015. We have laid the groundwork for this three-­‐well campaign by putting together an experienced project team to execute the drilling program, beginning with the completion of the necessary civil works and infrastructure, as well as the installation of surface casings in each of the target wells. All of our studies point towards a viable geothermal resource, and we are optimistic that we can execute our plan to put up our very first overseas geothermal power plant.

Meanwhile, in Peru, we have finished our surface exploration surveys and are in the process of developing our most promising concessions there.

We also continue to be on the lookout for other geothermal opportunities in the Asia-­‐Pacific region.

Locally, First Gen, through EDC, will continue to build up its portfolio of solar and wind energy projects, as opportunities arise in the country’s Feed-­‐in-­‐Tariff (FiT) regime. We believe that closely participating in these emergent technologies will not only allow us to contribute to the future from an environmental standpoint, but will also enable us to stay technologically-­‐agile and augment our corporate capabilities for the years ahead.

In energizing the future, we will continue to work with the best alternatives that combine both the environmental and the economic needs of our consumers, our communities, and our stakeholders. First Gen is determined to see a nation “Powered by Good.”

More Articles from Lopezlink

New EVPs, VP at FPH/FGEN

New EVPs, VP at FPH/FGEN

ABS-CBN Regional goes national!

ABS-CBN Regional goes national!

Meet the Winners

Meet the Winners

Meet the SKY team

Meet the SKY team

Milestones of Rockwell

Milestones of Rockwell

Adtel on the move

Adtel on the move

#SKYat25: A celebration of ‘wow at saya’

#SKYat25: A celebration of ‘wow at saya’

To Paris With Love: PH temperature is increasing, and risks are rising, says new climate report

To Paris With Love: PH temperature is increasing, and risks are rising, says new climate report

Meet the Phil-Asia Assistance Foundation Inc. Team

Meet the Phil-Asia Assistance Foundation Inc. Team

Meet the Team of Star Music

Meet the Team of Star Music

These veteran execs continue to innovate

These veteran execs continue to innovate

Social entrep rooted in Lopez Values

Social entrep rooted in Lopez Values

Eric Galang: From deejay to digital lead

Eric Galang: From deejay to digital lead

Meet the Rockwell team

Meet the Rockwell team

Giles Puno: Inspired to do good

Giles Puno: Inspired to do good

Archive

  • ► 2022
    • ► December
      • • Let’s help one another heal
      • • Building a resilient Philippines
      • • Our hope this Christmas
      • • Remembrance, reflection, gratitude
  • ► 2021
    • ► December
      • • Honoring the reason for Christmas
      • • Prosperity for all
      • • A time of cheer
      • • Making Christmas memorable
  • ► 2020
    • ► December
      • • Humanity at its finest
      • • Moving forward in a new world
      • • Hope for better days
      • • Stewardship and fidelity
  • ► 2019
    • ► December
      • • The truest treasure
      • • Continuing our great work
      • • The gift of life
      • • Seeking peace
      • • Perfectly united
  • ► 2018
    • ► December
      • • Let’s help keep the lights on
      • • Family is our place of love
      • • Spreading Christmas cheer
      • • Renewing family ties
    • ► March
      • • Keeping the lights on in the transition to an all-renewable future
  • ► 2017
    • ► December
      • • Together we have stepped up
      • • A year of rebirth and gratitude
      • • Looking forward, looking back
  • ► 2016
    • ► December
      • • Choosing to be powered by good
      • • Our mission remains the same
      • • Remember God’s love
      • • Changing with the changing times
      • • Each Christmas is a new opportunity
    • ► June
      • • Keynote Remarks of First Philippine Holdings chairman and CEO Federico R. Lopez at the 3rd Annual Summit of the Shareholders’ Association of the Philippines on June 17, 2016
      • • Keynote Remarks of Lopez Holdings chairman emeritus Oscar M. Lopez at the 3rd Annual Summit of the Shareholders’ Association of the Philippines on June 17, 2016
  • ► 2015
    • ► December
      • • Continue to push the boundaries
      • • We cannot lose hope in the Filipino
      • • Let us count our blessings every day
      • • Thank you for a remarkable year
      • • The wonders of Christmas
    • ► October
      • • Remarks of Chairman Emeritus Oscar M. Lopez, on the Lopez Achievement Awards 2014 held at Studio 10, ABS-CBN Compound on October 15, 2015
      • • Remarks of Federico R. Lopez at the 2014 Lopez Achievement Awards Ceremony held at ABSCBN Studio 10 on October 15, 2015
    • ► July
      • • For love of country, we are prepared to take action to make it better
    • ► May
      • • Remarks of Ambassador Manuel M. Lopez, Chairman and CEO of Lopez Holdings Corporation, at the Annual Stockholders’ Meeting held at Power Plant Mall Cinema, Rockwell Center, Makati City
      • • Remarks of Federico R. Lopez, Chairman and CEO, at First Gen Annual Stockholders Meeting on May 13, 2015
      • • Remarks of Federico R. Lopez at the Annual Stockholders' Meeting of Energy Development Corporation on May 5, 2015
      • • Oscar M. Lopez: even at 85, there are worlds left to conquer
    • ► April
      • • The legacy of heroes is the memory of a great name
      • • Oscar M. Lopez on Longevity and Success
    • ► March
      • • Remarks of Lopez Group Chairman Emeritus Oscar M. Lopez at the 2012 Commencement Exercises of the University of the Philippines and Conferment of the degree of Doctor of Laws, Honoris Causa
    • ► February
      • • Excellence is a Habit
    • ► January
      • • Towards A New Year of Promise
  • ► 2014
    • ► December
      • • Christmas is a time for gratitude
      • • Christmas message from Eugenio Lopez III
      • • Christmas message from Federico R. Lopez III
      • • Christmas message from Presentacion L. Psinakis
      • • Christmas message from Ambassador Manuel M. Lopez
      • • Christmas message from Oscar M. Lopez
    • ► October
      • • The Parley between Lopez and Marcos
      • • Why Choose Philippines?
      • • When War Escalates to Devastating Results
      • • The Inevitable Decline: Did Marcos Finally Go Too Far?
      • • Mayhem in Malacañang: Find Out What Caused Eñing’s Massive Fit
      • • The Yolanda Hero and the Unsung Hero
    • ► September
      • • Igniting the fallout: The unbelievable tactic President Marcos enforced
      • • Inspirational Remarks by Lopez Group Chairman Emeritus Oscar M. Lopez on the occasion of the Lopez Achievement Awards Ceremonies held at ABS-CBN Studio 10 on September 24, 2014
      • • A fork in the road: When two brilliant forces arrive at a point of dissent
      • • Discover what happened when a national problem took a turn for the worst
      • • Guess who came to the Nationalista victory party
      • • Don Eñing fights his greatest battle
    • ► August
      • • Remembering Ninoy this August 21
    • ► July
      • • CSR Challenges to Corporations
      • • Lessons from Typhoon Yolanda
      • • The exciting conclusion to the most epic chapter of the 100-year history of the Lopez Group (page 8)
      • • Lopez Values: a powerful rival makes an unforeseen move
      • • Remarks of Ambassador Manuel M. Lopez, Lopez Group Chairman at the Lopez Service Awards Night on July 2, 2014
      • • Just as Macapagal goes in for the kill, the chink in his armor is revealed
    • ► June
      • • From Bridges to Betrayal: the Lopez-Macapagal battle takes on another surprising twist
      • • Just When Macapagal Thought Victory Was His For The Taking…A Surprise Move from the Lopez Camp!
      • • Celebrating the Filipino Identity
      • • Chaos Warfare: Find out what brilliant tactic Don Eñing used to beat Macapagal at his own game
      • • Don Eñing lost BISCOM to Macapagal but What He Did Next Will Amaze You
    • ► May
      • • Defeating the Enemy with the Power of Unity and Trust
      • • Let’s celebrate something GOOD!
    • ► April
      • • The Start of an Alliance. Read page 8 of Underestimated webcomics
      • • Summer Break
    • ► March
      • • Facing a New Vendetta: Page 7 of Underestimated Webcomics
      • • A Bitter Demise: Page 6 of Underestimated Webcomics
      • • An Iroclad Approach: Page 5 of Underestimated Webcomics
      • • The adversary strikes back. Read page 4 of Underestimated webcomics
      • • Heritage and Love of Country
      • • What happens to Montilla in the Battle of Biscom?: Page 3 of Underestimated Webcomics
    • ► February
      • • How far have we come since EDSA 86 People Power?
      • • Outsmarting the Foe: Page 2 of Underestimated Webcomics
      • • Hope for the Laborers’ Plight: Page 1 of Underestimated Web Comics
    • ► January
      • • Resilient and Unsinkable: Why the Lopez Spirit Is Never Underestimated
  • ► 2013
    • ► December
      • • This season, Selflessness is more than possible
    • ► September
      • • To Fly and Fly Again comic series
      • • A Letter from Oscar M. Lopez
    • ► July
      • • Eugenio at Heart series
      • • A Lifetime of Excellence
    • ► June
      • • Independence and Nationalistic Pride
    • ► May
      • • Happy Mothers’ Day to everyone
    • ► March
      • • Pope Francis of the Poor and Lent
    • ► February
      • • Remembering the Spirit of EDSA
      • • Chinese New Year
  • ► 2012
    • ► December
      • • The Hope for Unity: The Winning Entries to the “What Do You Want This Christmas” Lopez Values Stars Facebook Contest
    • ► November
      • • What do you want this Christmas?
    • ► October
      • • LAA: Setting Ourselves Apart
      • • EDC and Claudio Bravo
      • • OML on Senator Juan Ponce Enrile’s Memoir
    • ► September
      • • In Pursuit of Education and Social Justice
    • ► July
      • • It’s Good to Go Green!
    • ► June
      • • Winners of the Nationalism Essay Contest
      • • Nationalism in the Workplace
      • • Nationalism and the Lopez Group Employee
      • • How can we express nationalism in our everyday work?
      • • Ang Pagiging Makabayan
      • • We now have our own Facebook page!
      • • Back-to-school this June
    • ► May
      • • Ready, Set, Succeed: OML’s Take on Life
    • ► April
      • • It’s More Fun to Choose Philippines
    • ► March
      • • How can we express our nationalism today in our everyday work?
    • ► February
      • • Dragon Energy
  • ► 2011
    • ► December
      • • This Season is the Best Time to Give Thanks
    • ► November
      • • A Whole New World
      • • Giving Voice to Lopez Values
    • ► October
      • • Serving the Kapamilya
    • ► September
      • • Social Responsibility
    • ► July
      • • Eugenio Lopez on his 110th Birth Anniversary
    • ► June
      • • Rizal the Sportsman and our Palaro
      • • It Is Never Too Late To Try Something New
    • ► May
      • • Giving Back
    • ► April
      • • Why Do I Climb Mountains?
      • • Lent at 81
      • • Creating Trust
      • • Getting Ready for the Big One
    • ► March
      • • Aligning the Values
      • • Unity in Tragedy
      • • Remembering the “Ides of March”
      • • Our Values Unite Us
    • ► February
      • • Love for Country
      • • Eyes on the Prize
      • • Happy Valentine’s, Kapamilya!
      • • Kung Hei Fat Choi!
    • ► January
      • • Are You A Lopez Values Superstar?
      • • Happy New Year, Kapamilya!
  • ► 2010
    • ► December
      • • Happy Holidays!
  • ► 0000
    • ►
      • • To survive and not despair

Web Comics

Enemy of My Enemy (Part 2)
Enemy of My Enemy (Part 2)
Enemy of My Enemy (Part 1)
Enemy of My Enemy (Part 1)
Underestimated
Underestimated
To Fly and Fly Again
To Fly and Fly Again

Under Estimated

 

Man in the Frame

 

Subscribe to Lopezlink

Lopez Holdings Corp. All rights reserved



About Us | Copyright | Sitemap | Archive