DAVAO CITY — Davao Light and Power Co. (Davao Light), an electricity distributor of Aboitiz Power Corp. (AboitizPower), is contracting 112 megawatts (MW) from two generating companies to make up for the more than 60% drop in its allocation from the Mindanao grid.
POWER Sector Assets and Liabilities Management Corp. (PSALM) has declared Therma Power Visayas, Inc. — a unit of Aboitiz Power Corp. — the highest bidder for the 153.1-megawatt (MW) power plant complex in Naga City, Cebu.
MANILA, Philippines – The Davao City council has given its go-signal for the proposed 645-megawatt coal power plant project of Aboitiz Power Corp. subsidiary Therma South. “As we address the ongoing power supply shortage in Mindanao, we also have to look at the future energy demands of Mindanao. This expansion will ensure Mindanao will have enough power when demand catches up with supply again in 2017 and 2018,” Therma South president and COO Benjamin Cariaso Jr. said. The first 300-MW capacity of Therma South, set for commercial operations in the first half 2015, is already almost contracted out to distribution utilities and electric cooperatives in Mindanao. The expansion is set for completion in 2017 and 2018, when demand for power in Mindanao will be expected to exceed supply once again. “AboitizPower’s main interest in expanding this plant is to help Mindanao avoid repeating the big problem of the past where it failed to build the power plants needed before the demand for power kicked in. As a consequence, most parts of Mindanao have, for years and until today, been experiencing prolonged and frequent brownouts and it’s growth and development has been severely affected,” AboitizPower first vice president for Mindanao affairs Manuel Orig said. The power plant will also be using circulating fluidized-bed technology to ensure the power plant, during operations, will meet national and international environment and health standards. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 More than just a tree planting site, the 1,000-hectare area of the Read More …
MANILA, Philippines – Lower selling prices of electricity and the revaluation of its dollar-denominated liabilities resulted in lower earnings for conglomerate Aboitiz Equity Ventures Inc. (AEV). In a regulatory filing, AEV said its third quarter consolidated net income sank 25 percent to P4.6 billion from a year ago. AEV said it incurred a non-recurring loss of P119.7 million in the July to September period due to the revaluation of dollar-denominated liabilities and placements. But it was partly offset by the reversal of a previous impairment provision related to the sale of a stake in an associate, as well as AEV’s share in its power unit’s one-time gain from the redemption of shares. “Adjusting for these, AEV closed the quarter with a core net income of P4.7 billion, down 25 percent year-on-year,” the holding firm said. In the third quarter, the power business accounted for 80 percent of earnings, followed by banking at 12 percent, food at seven percent and real estate at one percent. For the nine-month period, AEV’s consolidated net income slipped eight percent to P16.6 billion from P18 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Power accounted for 71 percent of income, followed by the banking, food and property at 22 percent, six percent and one percent, respectively. “We remain pleased with the performance of our business units. Our challenge in the coming years is to deploy the cash flow we are generating into ventures that meet our hurdle rates,” said AEV president and CEO Read More …
MANILA, Philippines – Hedcor Inc., a fully owned subsidiary of Aboitiz Power Corp., is on track with the completion of its Sabangan hydroelectric power project in the Mountain Province, officials said during the weekend. The Sabangan project will supply 14 megawatts of renewable energy by early 2014, the company said. It is also track with its expansion projects including the Tudaya hydroelectric project in Davao del Sur. Hedcor president and chief operating officer Rene Ronquillo said the company also has small hydropower projects in Bukidnon, Negros and other parts of the Cordilleras. “We believe there’s strong community support because the nice thing about small hydro is that it provides inclusive growth and inclusive development in the communities.” Hedcor, a run-of-river hydropower plant developer and operator, recently celebrated its 35th anniversary. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company started operating in 1978 the Lower Talomo hydropower plants in Davao, then owned by National Power Corp. (Napocor), the state-owned power firm. In 1985, Hedcor assumed operation and maintenance of the Asin hydropower plants owned by the City of Baguio. The first Hedcor-built hydropower plant was constructed in Benguet in 1988. To date, the company has a portfolio of 19 power plants with a combined capacity of 155 MW. Run-of–river hydropower utilizes the flow and elevation drop of rivers to generate electricity. A portion of the water from the river is diverted into a conveyance pipe and then to a turbine to generate electricity. Once the electricity has been Read More …