SN Aboitiz Power deems 2017 a ‘very strong year
SN Aboitiz Power (SNAP) said on Monday it considers 2017 as a “very strong year” as the company expects revenue and profit expected to soar.
SNAP President Joseph Yu said revenue “almost” grew by 20 percent year-on-year. The company is also looking at a “similar” 20-percent growth in profit.
“The front half of the year, we had a lot of inflow. We had very good hydrology, so we were able to generate much more in the front half of the year than we normally can,” Yu said. “Our dams are much fuller from December 2016 to January 2017. So we were able to keep them at high level. We were able to ride in the dry season with a lot of power.”
SNAP is a hydropower-development company operating exclusively in emerging markets.
SNAP owns and operates the 380-megawatt (MW) Magat Hydro-Electric Power Plant (HEPP), the 105-MW Ambuklao HEPP and the 140-MW Binga HEPP. It is also securing permits for another hydropower project in Ifugao.
Yu said the 350-MW Alimit HEPP is composed of the Alimit dam, reservoir and a 120-MW power plant. Commissioning and testing could commence in January 2021.
SNAP earlier told the Department of Energy (DOE) that the company has put in place a program to protect its power facilities against natural disasters. Nonetheless, it assured the agency that it will comply with a proposed policy that requires industry stakeholders to submit their respective resiliency plans.
“As good corporate citizens and energy-industry participants, SNAP-Magat Inc. and SNAP-Benguet Inc. have ready and existing plans to protect its power assets, the nonpower components and the communities inhibiting the environs, including farmer beneficiaries,” SNAP Vice President and Chief Technology Officer Emmanuel Lopez said.
The group said company programs are in place to mitigate adverse effects brought about by disasters. These programs include annual preventive maintenance and having an operations, maintenance and safety manual. Other programs include the flood-operations rule, the dam-discharge protocol, a dam-discharge warning manual, an emergency action and evacuation plan and a list of business continuity procedures.
“Once the DOE circular becomes effective, the SNAP Group will submit the required resiliency compliance plan for the Magat, Ambuklao and Binga HEPPs,” Lopez said.
The SNAP Group emphasized that it supports the government’s aspiration for a comprehensive and integrated Energy Resiliency Plan as embodied in the proposed department circular, titled “Adoption of resiliency planning and program in the energy industry to mitigate adverse effects brought about by disasters.”
The energy-resiliency policy is anchored on President Duterte’s directive to heighten disaster resilience.
