Aboitiz Power net income up by 24%

• Source:http://www.sunstar.com.ph/pampanga/local-news/2016/07/30/aboitiz-power-net-income-24-488397
• Saturday, July 30, 2016

By Reynaldo G. Navales

ANGELES CITY -- Aboitiz Power Corporation recorded a P10-billion net income for the first half of 2016, a 24 percent increase compared to the same period of last year, boosted by growth in its power generation and distribution businesses.

This was learned from Antonio Moraza, Aboitiz Power president and chief operating officer.

“Together with our partners, our net sellable capacity has grown to 3,350 MW. We are pursuing more projects – baseload, solar, biomass, hydro and geothermal – that will allow us to strengthen our balanced mix portfolio,” Moraza said.

“We believe that it is important to provide this balanced mix of energy to support the needs of our country with adequate, reliable and competitively priced power,” he added.

The power generation business group accounted for 82 percent of earnings with P8.1 billion, mainly due to the operations of Therma South's 300-MW baseload power plant in Davao and better water inflows in the 360-MW Magat hydroelectric power in Ifugao and Isabela provinces.

The power distribution group’s earnings, propelled by Visayan Electric Co., Inc., Davao Light and Power Co. Inc., and San Fernando Electric Light and Power Co. in Pampanga, grew by three percent, from P1.7 billion to P1.8 billion.

Aboitiz Power is the holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services.

The company is one of the largest power producers in the Philippines with a balanced mix portfolio of assets located across the country.

Aboitiz Power is a major producer of Cleanergy, its brand for clean and renewable energy with several hydroelectric and geothermal power generation facilities.

It also has various fossil-fired power plants in its generation portfolio to support the baseload and peak energy demands of the country.

The company also owns distribution utilities that operate in high-growth areas in Luzon, Visayas, and Mindanao, including the second and third largest private utilities in the country.