Aboitiz Power Corporation recorded a Php 7.53 billion net income for the first quarter of 2023, a 160% jump from the Php 2.89 billion income recorded in the same period last year.
The increase in income was attributed to fresh contributions from the GNPower Dinginin Ltd. Co. (GNDP) power plant, higher availability in the company portfolio, as well as higher water inflow from Aboitiz Power’s hydropower plants.
Aboitiz Power recorded Php 101 million in non-recurring losses for the first quarter.
The company’s generation and retail supply business recorded Php 13.1 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA), versus the Php 1.3 billion recorded in the same period in 2022.
Aboitiz Power was able to sell 4,738 megawatts (MW) in capacity for the first quarter of the year, up 34% from last year.
Meanwhile, Aboitiz Power’s distribution businesses registered Php 2.9 billion in EBITDA, 129% higher than the Php 1.3 billion recorded in the first quarter of 2022. This is due to higher energy sales from residential, commercial, and industrial customers.
Aboitiz Power president and CEO Emmanuel Rubio said that the company delivered “an impressive performance for the first quarter”, which enforces “Aboitiz Power’s critical role in helping fuel the nation’s development through reliable, reasonable, and responsible power.”
Aboitiz Power is keen on bringing its renewable energy portfolio to 4,600 MW of net attributable capacity by 2030, as part of its goal to achieve a 50:50 balance in its renewable and thermal portfolio.
The company is currently working on its 94-megawatt-peak (MWp) Cayanga Solar project, and the 159 MWp Laoag Soilar project – both in Pangasinan. It is also constructing its 24 MW Magat battery energy storage (BESS) project in Ramon, Isabela.
“AboitizPower believes that there is no single technology that completely addresses the country’s energy requirements and that to address the deficiency, a mix of power generation technologies is necessary. Thus, AboitizPower continues to pursue both renewable projects and thermal technologies where and when it makes sense,” the company said in its financial report.