PetroEnergy Resources Corp drops wind power plans for Sual

(SeeNews) – Nov 8, 2011 - Philippine-based expert in the development of conventional and renewable energy PetroEnergy Resources Corporation (PSE:PERC), or PERC, has announced that it is abandoning its wind power project in Sual, ABS-CBN News said today.
In a filing to the Philippine Stock Exchange, the company said it saw insufficient grounds to go ahead with the plans.
The decision comes after two years of technical studies on the project, including obtaining wind data and making resource assessments. PERC said that the research indicated that the Sual area's wind resources were not enough to justify commercial development.
The company has already told the Department of Energy (DOE) about its decision to abandon the plans and received regulatory approval for dropping the contract.
PERC, however, reiterated its commitment to the 40 MW Maibarara geothermal power project, located in Calamba and Sto Tomas.

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