AboitizPower 2021 profit up 66%

GNPower Dinginin Aboitiz

Aboitiz Power Corporation posted a 66% increase in net income to Php20.8 billion in 2021 from Php12.6 in 2020. 

In a disclosure to the Philippine Stock Exchange on Monday, AboitizPower attributed the increase to the commissioning of the GNPower Dinginin (GNPD) coal-fired power plant’s 668-megawatt (MW) Unit 1.

The firm likewise cited higher water inflow from its hydropower plants, as well as the higher availability of power from subsidiaries Therma Luzon, Inc., Therma South, Inc., and Therma Visayas, Inc, 

“The new capacity from GNPD Unit 1 not only contributed to AboitizPower’s better financial performance but also delivered the much-needed energy supply as economic activities gradually increased in 2021,” AboitizPower President and CEO Emmanuel Rubio said. 

AboitizPower, the country’s largest power generator, was also able to claim its liquidated damages for the delay in the construction of GNPD Units 1 and 2. The company also received the final payment for the business interruption claims resulting from the outages of the 300MW GNPower Mariveles coal plant and those of another subsidiary, AP Renewables, in the previous years. 

“We are optimistic that with the target synchronization of Unit 2 in the second quarter of 2022, GNPD will help address the country’s thin reserves and meet critical market needs,” Rubio added. 

The Department of Energy said back in January that the testing and commissioning of GNPD’s 668MW Unit 2 is slated for the first week of May – just days before the automated presidential elections on May 9.