AboitizPower commits P170B to grow power generation assets

AboitizPower has decided to commit P170 billion over the next five years to "beef up its portfolio" of power generation assets, its top official said Thursday.

 

P35 billion will be invested in Mindanao, said AboitizPower president and CEO Erramon Aboitiz in a statement issued during a news conference Thursday just prior to the listed firm's annual stockholders' briefing for shareholders based in Metro Manila and Luzon.

 

The investment in Mindanao will consist of a 300-megawatt (MW) clean coal plant and 54 MW from run-of-river hydro plants.

 

Aboitiz said it would partner with Manila Electric Co., Taiwan Cogeneration Corp., and Team Energy Philippines Corp. to add 1000 megawatts of power to Luzon.

 

Aboitiz said they "look forward to participating in the bidding for the remaining assets of the National Power Corp. when bidding resumes in 2012 and 2013."

 

AboitizPower informed shareholders that its first quarter earnings this year rose 10 percent to P5.6 billion because of higher spot market prices and 13 percent rise in electricity sales.

 

The listed power firm has attributable capacity of 2,350 MW as of end-2011.

 

It earned P55 billion in revenues last year, but this was 9 percent down from 2010 because of weaker average selling prices in the electricity market and lower net generation levels. —VS, GMA News