Aboitiz unit bags first retail power supply deal in Mindanao
Advent Energy Inc., Aboitiz Power Corp.’s retail electricity supply arm, clinched a deal to energize a Mindanao-based coconut and vegetable oil producer, marking its expansion to the region.
In a statement on Friday, AdventEnergy said the signed power supply agreement would support the operations of Third Millenium Oil Mills Inc. (TMOMI).
“Our goal is to provide Mindanao with energy solutions that are both reliable and innovative. This partnership with TMOMI allows us to bring our expertise to a region critical to the country’s agricultural and industrial sectors,” said AdventEnergy vice president for retail energy sales and solutions Gina Camacho-David.
“TMOMI’s leadership in Mindanao’s coconut and vegetable oil sector makes them an ideal partner as we work to provide energy solutions that meet the region’s unique needs,” AdventEnergy first vice president and head of retail James Byron Yu added.
READ: Bullish Aboitiz readies P250-B capex for 2025
Following this, David expressed optimism that the company could secure more deals on the delivery of energy solutions to other sectors in Mindanao.
Article continues after this advertisementThis is also seen as an opportune time for AdventEnergy’s plan to scale up as the government’s retail competition and open access (RCOA) scheme expands into the region, where at least 239 end-users can choose their electricity suppliers.
Article continues after this advertisementRCOA allows power customers consuming at least 500 kilowatts a month to purchase cheaper electricity from retailers other than the existing distributors in their area.
In February, community shopping leader WalterMart renewed its retail energy supply deal with AboitizPower, through AdventEnergy, which would power 26 of its facilities across Luzon. A retail energy partnership was also signed between AboitizPower and NoBia Inc., the commissary of the Max’s Group, the country’s largest casual dining restaurant company known for Max’s Restaurant, Pancake House, Yellow Cab Pizza Co. and Krispy Kreme.
AboitizPower saw its core net income in the first six months fall by 4 percent to P17.1 billion, blamed on depreciation and interest expenses on two units of its coal-fired power plant GNPower Dinginin.
