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Manila Bulletin devider Business devider Trade & Industry devider RE sales boost PetroEnergy's H1 profits

RE sales boost PetroEnergy's H1 profits

Published Aug 15, 2023 05:04 am

At A Glance

  • The commercially-operating RE facilities of the Yuchengco firm and its subsidiaries include the: 32-megawatt Maibarara geothermal power plant; 70MWdc Tarlac solar power farm; and the 36 MW Nabas-1 wind power installation.

Uptrend in sales from its operating renewable energy (RE) assets had driven up the net income of Yuchengco-led PetroEnergy Resources Corporation (PERC) to P591 million in this year’s first half versus P506 million a year ago.

“Higher electricity sales from its renewable energy (RE) operating units and a significant increase in interest income from short-term investments were the key drivers for the growth,” the publicly-listed company expounded.

The relatively robust performance of its "green assets" somehow provided counterweight to the drop in revenues from its oil production business unit in Africa, and that was mainly due to the plunge in global oil prices compared to the parallel six-month timeframe last year.

The company emphasized that the strong showing of its RE operating units had “cushioned the impact of the decline in PERC’s revenues from its Gabon oil operations due to lower average crude oil prices.”

The year 2022 considerably marked another era of "super spikes" in global oil prices, primarily as an aftermath of the Russia-Ukraine war. It also served as "glory days" for oil producing-firms on the profitability game.

The commercially-operating RE facilities of the Yuchengco firm and its subsidiaries include the: 32-megawatt Maibarara geothermal power plant; 70MWdc Tarlac solar power farm; and the 36 MW Nabas-1 wind power installation.

PetroEnergy primarily indicated that there was an upturn in the generation of its Maibarara geothermal facility versus a year ago, hence, that helped shore up its bottom line with 14-percent contribution in energy sales growth.

It narrated that the lower output last year had been due to the preventive maintenance of its two geothermal generating units, which consequently turned in lower generation yield.

PetroEnergy is one of the industry players in the RE sector which has been strategically growing its investment portfolio across clean energy technologies such as in the solar and wind energy development terrains.

The big-ticket ventures it is currently advancing to commercial fruition are its planned offshore wind farm installations – a joint undertaking with Danish firm Copenhagen Energy - that may add up to 4,000 megawatts of new power capacity for the country upon their completion.

 

 

Related Tags

PetroEnergy Resources Corporation renewable energy Yuchengco Group of Companies net income
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