Greggy Araneta to spend P41B to construct hydro plant in Laguna

Bilyonaryo Gregorio Araneta III, through Belisama Hydropower Corp. (BHC), is constructing an 800-megawatt pumped-storage hydropower facility in Laguna that will require investment of over P41 billion.

Based on its filing with the Department of Environment and Natural Resouces as part of its application for an environmental compliance certificate (ECC), BHC said the proposed hydropower facility as a renewable energy resource is seen to augment power supply and contribute to energy security in the country.

BHC said the project is consistent with the strategic directions of the Philippine Development Plan and the Power Development Plan.

Meanwhile, the project will require manpower of up 2,000 during the construction phase and 200 personnel during operation.

BHC aims to complete the project in approximately 53 months.

ERC to look into complaints of overcharging by power firms

Numerous complaints on increasing electricity rates have prompted the Energy Regulatory Commission (ERC) to launch an investigation on the accuracy and reasonableness of the generation rates being passed on by distribution utilities (DUs) to its consumers.

Synergy Grid declares P1.37B cash dividends

Synergy Grid and Development Philippines of bilyonaryos Big Boy Sy and Robert Coyiuto is set to reward its shareholders with a cash dividend similar to the amount given the past two quarters.