Business NEWS

The Provincial Government of Cebu has recognized AboitizPower subsidiary, Visayan Electric Co. (Visayan Electric), and other distribution utilities for braving the challenges of restoring power in the aftermath of Typhoon Odette, helping Cebu Province in its quick recovery.

The consolidated net income of Aboitiz Power Corporation had climbed by a very significant 200-percent in the first quarter to P6.2 billion from a relatively trimmed bottom line of P2.1 billion in the same period last year.

Listed firm Aboitiz Power Corporation has earmarked P23 billion capital expenditures (capex) this year that shall be funneled mainly to the completion of its 1,336-megawatt Dinginin coal-fired power facility and the concretization of pipelined battery energy storage system (BESS) projects.

Hedcor Inc., a subsidiary of Aboitiz Power Corporation, that is into run-of-river hydropower ventures, had surpassed its power generation target of 123 kilowatt-hours (kWhs) within first quarter this year, with it logging total generation of 182 kWhs.

With the completion of the south transmission line in Negros Occidental, Aboitiz Power Corporation said its Carlos Sun Power Inc. (SacaSun) has already started doubling its capacity feed to the Visayas power grid.        

The joint venture of Norwegian firm SN Power and Aboitiz Power Corporation would be stepping back on the implementation of the proposed $1.0 billion Alimit hydropower project due to remaining permitting concern that has yet to be resolved with the host community as well as on the grid connection of the plant.

Owing it to the overall downtrend in demand last year, the core net income of listed firm Aboitiz Power Corporation dropped 27-percent last year to P12.6 billion from a relatively flourishing bottom line of P17.3 billion in 2019.

The high cost of advanced metering infrastructure (AMI) technology has been hobbling targets of massive rollout of smart meters in the country, because many Filipino consumers would not be able to afford any abrupt technology shift.

SMC Global Power Holdings Corporation, the energy investment arm of San Miguel Corporation and Aboitiz Power Corporation, were among the big-ticket players in the power industry that submitted offers in the competitive selection process (CSP) carried out by Manila Electric Company (Meralco) for its power supply agreements (PSAs) that will satiate its future electricity supply requirements.

SN Aboitiz Power-Benguet Inc. (SNAP-Benguet), which is a subsidiary company of Aboitiz Power Corporation in a tie-up with Norwegian firm SN Power, has secured P18 billion unsecured notes facility from two local banks, and it utilized the proceeds to prepay loans for its hydropower facility acquisitions.

The board of directors of Aboitiz Power Corporation has approved the company’s P30 billion peso-denominated fixed rate retail bonds to be issued in tranches.

To enhance energy capacity for the load network of its subsidiary Cotabato Light and Power Company in Mindanao, Aboitiz Power Corporation is pursuing an upgrade of its Malagapas substation in the service area of its power distribution firm.

               The country’s biggest power generation companies are eyeing to join the competitive selection process (CSP) of Manila Electric Company (Meralco) so they can corner contracts on the utility firm’s future power supply portfolio.

           While it was initially hamstrung by the niggling health crisis, Aboitiz Power Corporation indicated that it will still advance its planned investment expansion in the Southeast Asian region – specifically in Vietnam, Indonesia and Myanmar.