Galp targets 1,200 MW of installed electrical capacity in 2012 vs 80 UPDATE |
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Published
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Mon, 22 Oct 2007 17:22
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(Updates with details of planned natural gas sales, targets for refining margins)LISBON (Thomson Financial) - Galp Energia SGPS said it is targeting an increase in its installed capacity to 1,200 Megawatts in 2012 from 80 MW currently.In a presentation on its investor day, the company said that 800 MW of the target will correspond to its plans to build combined-cycle power plants. A further 160 MW will be accounted for by its wind power projects and another 160 MW will reflect new co-generation schemes.The ramp up of Galp's electricity business is expected to underpin the increase in group sales of natural gas to 6.2 bln cubic metres (bcm) in 2012 from 4.6 bcm in 2006.Galp said much of the expected increase in natural gas sales to the electricity generation sector to 2.5 bcm from 1.8 bcm will be due to supplying the 800 MW of combined cycle generation capacity it plans to build.As regards the company's sales to the industrial sector, Galp said this will be boosted by sales to its two new planned co-generation facilities, while also being supported by growth in the Spanish market.Turning to its 1 bln eur plan to revamp its refining operations in Porto and Sines, Galp said this is expected to contribute to its target of achieving a refining margin of 8.9 usd per barrel of crude at end-2011 compared to a 5.4 usd margin in 2006.jonathan.gleave@thomson.comjg/ak/jg/akCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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