Renewable energy sales boost PetroEnergy’s Q1 earnings

MANILA  -Strong electricity sales posted by the renewable energy units of the Yuchengco group’s PetroEnergy Resources Corp. pulled up the firm’s earnings in the first quarter of the year to P340 million.

This is a 35-percent increase from P252 million in the same period last year.

It noted that the 18-percent increase in electricity sales offset the decline in revenues from its Gabon oil operations, referring to the Etame consortium in Gabon, West Africa, in which PetroEnergy holds 2.53-percent participating interest.

Increase in interest income from short-term investments likewise contributed to the growth in PetroEnergy’s earnings from January to March, the company said in its stock exchange disclosure on Wednesday.

Most of PetroEnergy’s revenues in the first three months of the year came from investments in renewable energy projects through its subsidiary, PetroGreen Energy Corp.

These include the 32-megawatt (MW) Maibarara Geothermal Power Project (MGPP) of Maibarara Geothermal Inc., the 70-MW Tarlac Solar Power Project of PetroSolar Corp., and the 36-MW Nabas-1 Wind Power Project of PetroWind Energy Inc.

“The improved generation of the MGPP during the quarter, compared with the same period last year when major plant preventive maintenance was conducted, largely contributed to the 18-percent growth in electricity sales,” PetroEnergy said.

Despite the decline in revenues from Gabon, PetroEnergy’s gross revenue grew by a tenth to P714.4 million from P648.46 million last year.

To recall, PetroEnergy recorded a 30-percent growth in earnings in 2022 on the back of strong oil revenues. INQ