PetroEnergy earnings up 17% in H1 on strong electricity sales

MANILA  -Stronger electricity sales from the renewable energy units of Yuchengco-led PetroEnergy Resources Corp. pulled up the company’s earnings by 17 percent to P591 million in the first half of the year.

In a stock exchange disclosure on Tuesday, PetroEnergy said the improved generation of the 32-megawatt (MW) Maibarara geothermal power project largely contributed to the 14-percent electricity sales growth recorded in January to June.

To recall, a monthlong major preventive maintenance last year in two of the Maibarara plant’s geothermal generating units pulled down electricity sales in 2022.

Investments in the 70-MW Tarlac solar power project of PetroSolar Corp. and the 36-MW Nabas-1 wind power project of PetroWind Energy Inc. likewise drove the bulk of the PetroEnergy’s revenues.

According to the company, this improvement in its clean energy units cushioned the impact of the decline in revenues from Gabon oil operations due to lower average crude oil prices.

PetroEnergy holds a 2.53-percent participating interest in the Etame consortium in Gabon, West Africa.

PetroEnergy has been undertaking upstream oil exploration and development since 1994 and before eventually expanding to renewable energy and power generation.

Earlier this year, the company, through its renewable energy holding firm PetroGreen Energy Corp., announced it would take over two solar projects in Luzon that were expected to add at least 60 MW of capacity to its portfolio.