July 20, 2014

FGEN's Sta. Rita unit back on line

Based on the data posted in the Wholesale Electricity Spot Market (WESM) website, the 250-MW unit of First Gen Corp’s (FGEN, Buy) Sta. Rita power plant has started producing electricity late Saturday (19 Jul 2014).

The unit sustained some damage earlier this year to its internal component and the company subsequently had its transformer replaced after the early arrival of the new transformer last week.

The unit will only be deemed as commercially operating once it is verified to have no problem in producing electricity after the installation of the new transformer. This should come as a positive news flow on FGEN. – WealthSec