Stock price of Philippine energy company slides after transformer fire
29th May 2013
First Gen Corporation has shut down part of its natural gas-fired power plant in Batangas, Philippines after a fire broke out in one of its transformers.
The action has caused capacity at the 500 megawatt plant to drop by 50%, according to the Inquirer.
The incident, which started at 3:03am, did not cause any lack of power in the area, with the grid still registering 819 MW in reserve. Despite this fact the stock price of the company slid by 7.85%.
“The fire was subsequently was put out at around 3:21 a.m. The incident is now being investigated. In the meantime, the subject transformer has become inoperative and has reduced the facility’s generating capacity,” a First Gen spokesperson said in a statement.
Edited by: Daniel Winter
Photo: Stefan Munder / Manila Baywalk, Flickr
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