AboitizPower income hits P4 billion in Q2

BY LENIE LECTURA – JULY 29, 2021
from Business Mirror

Aboitiz Power Corp. posted P4 billion in net income in the second quarter, bringing its first-half net income to P10.1 billion.

The power firm reported strong financial results during the period as its newest power facility—GNPower Dinginin 1—was commissioned. It also recognized higher water inflow, higher demand, and higher WESM dispatch in compliance with the must-offer rule as among the factors that boosted earnings.

From April to June, AboitizPower’s net income surged by 136 percent. For the first half of the year, net income was up 171 percent.

“We’ve seen more economic activity in the first half with the easing of Covid-related restrictions. The increase in energy demand helped us recover from our financial performance in the same period last year,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said. Later this year, GNPower Dinginin Unit 1 will begin commercial operations and deliver the much needed additional capacity to the Luzon grid.

Rubio said the company’s focus in the next 10 years is to grow its Cleanergy portfolio to 4,600 MW.

“This is well on track as we have several renewable energy projects that are in various stages of development. The significant growth of Cleanergy will bring our overall capacity to 9,200 MW by 2030, with a 50:50 balance between renewables and thermal. This is our contribution to addressing the country’s energy ‘trilemma’ of the reliability, affordability, and sustainability of our energy supply,” he added.

AboitizPower’s generation and retail supply business recorded EBITDA of P20.5 billion in the first half, 39 percent higher than the P14.8 billion recorded last year. Capacity sold for the first half increased by 6 percent to 3,600 megawatts (MW), compared to 3,388 MW in the same period in 2020. Energy sold increased by 10 percent to 11,790 gigawatt-hours (GWh) for the first half, compared to 10,764 GWh for the corresponding period in 2020.

For the first half, AboitizPower’s distribution business recorded EBITDA of P4.1 billion, 12 percent higher than the P3.7 billion recorded last year.

Energy sales increased by 4 percent to 2,745 GWh in January to June, compared to 2,629 GWh in the same period in 2020. This was driven by higher energy consumption resulting from recoveries in demand.