AboitizPower earnings rise on higher plant availability

MANILA  -Higher power plant availability and fresh contributions from one of its units pulled up Aboitiz Power Corp.’s (AboitizPower) earnings by 79 percent in the first half of the year to P17.8 billion.

In a stock exchange disclosure on Thursday, AboitizPower said that in the second quarter alone, its net income grew to P10.3 billion from P7 billion in the same period last year.

According to the company, its generation and retail supply business recorded a 31-percent increase in earnings before interest, taxes, depreciation and amortization to P30.2 billion on the back of more contributions from GNPower Dinginin Ltd. Co., AboitizPower’s 1,336-megawatt (MW) coal-fired power plant in Mariveles, Bataan province.

At the same time, it sold 4,718 MW of capacity from January to June, up by 25 percent from 3,785 MW the previous year.

Energy sold also swelled by 29 percent to 17,736 gigawatt-hours (GWh) from 13,762 GWh due to demand recovery in areas affected by Typhoon “Odette” (international name: Rai).

“We remain on track toward achieving a 50:50 balanced mix portfolio by 2030 and continue to focus on providing reliable and innovative power while adapting to dynamic market conditions,” said AboitizPower president and CEO Emmanuel Rubio.

AboitizPower previously unveiled plans to grow its renewable energy capacity from the current 1,000 MW to 4,600 MW by 2030.

Earlier this year, the company announced that it eyed to start studying the economic viability of co-firing ammonia with coal-fed power plants next year to lessen the country’s dependence on fossil fuels and reduce carbon emissions.

READ: Building a ‘new energy’ economy: Is ammonia key to low-carbon PH?

The study will be conducted with Japanese partner firm JERA Co. Inc. and is expected to be finished “within the decade.”

Rubio also said they aimed to develop potential liquefied natural gas (LNG) projects in Luzon, particularly in the municipality of Pagbilao in Quezon province, as long as they were able to secure long-term “competitive LNG contracts.”

AboitizPower has 3,962.25 MW in total attributable net sellable capacity from its facilities across the country.

READ:  AboitizPower 2022 profit at record-high P27.5B