MANILA, Philippines (UPDATE 1:20 p.m., Oct. 28) — San Miguel Corp. is abandoning future plans to construct coal power plants after the government enforced a moratorium on coal-powered generators. Asked if the country’s largest conglomerate would still proceed with its coal power plans, Ramon Ang, president and chief operating officer, told Philstar.com in a text message: “No problem. That accounted for 37% of the 9,803 MW coal projects being explored, but yet to be submitted to government for approval. Energy stocks riseSeparately, Aboitiz Power Corp. said the government order will not affect the company’s long-term plans. Energy stocks were among the most actively traded shares on Wednesday as investors digested the government’s policy changes.

Source: Philippine Star October 28, 2020 04:07 UTC