Despite multiple energy challenges already increasing this 2024, Aboitiz Power Corporation (AboitizPower) is considering all technologies to ensure a continuous supply of energy.
With the predictable effects of the El Niño phenomenon, coupled with issues such as transmission infrastructure constraints and the unreliability of the global supply chain, the energy supply is at risk. This is further heightened by the projected 6.6% increase in consumption for this year, warranting 600 to 700 megawatts (MW) of new or available electricity capacity.
“This substantial increase in electricity demand underscores the pivotal role of power generation, transmission, and distribution companies in meeting this need. This requires significant infrastructure development,” said AboitizPower President and CEO Emmanuel Rubio.
With this, Rubio expressed optimism for the company’s future in 2024 as it introduced new generation capacity to meet the demand for power.
“While we see tight market conditions, we, at AboitizPower, are confident in our fundamentals and our diverse fleet of generation assets. We are dedicated to running our powerplants with world-class availability and efficiency to help mitigate the country’s thin supply margins and reliably support the aggregate demand, as we did in 2023,” said Rubio.
The company is set on contributing to the 50% renewable energy (RE) goal by 2040, as it has to 1,000 MW of RE projects in its planning stages to build at least 4,600 MW over the next decade.
The company aimed to launch its 159 MW peak (MWp) Laoag solar project in Pangasinan as well as the 17 MW Tiwi Binary Geothermal Power Plant in Albay.
Several projects are also expected to be fully operational by the end of 2024 to 2025. These include the 44 MWp Solar Plant in Armenia, Tarlac; the 85 MWp Solar Plant in San Manuel, Pangasinan, the 173 MWp solar power project in Calatrava, Negros Occidental, and the 206 MW wind project in San Isidro, Northern Samar, a collaborative project with Vena Energy and Vivant Energy.