Aboitiz Power Corporation (AboitizPower) is poised for a strong finish in 2024, fueled by additional power plant capacities and enhanced infrastructure, its president said.
In a report by Business World, AboitizPower president and CEO Danel C. Aboitiz highlighted the company’s improved capacity, distribution growth, and infrastructure upgrades as key contributors to its performance.
AboitizPower recorded an attributable net income of Php 27.27 billion in the first nine months of 2024, marking a 2% increase compared to Php 26.74 billion in the same period last year. Gross revenues, however, dropped by 4%, declining to Php 148.32 billion from Php 154.64 billion during the same period.
Despite the decline in gross revenues, Mr. Aboitiz expressed confidence in maintaining the company’s growth trajectory through the year’s end.
He added that AboitizPower is on track to exceed market expectations and achieve its financial targets for the year.
The company has allocated Php 73 billion in capital expenditures (capex) for 2024, more than double its Php 26 billion budget last year.
Around 72% of the capex will be directed toward expanding its renewable energy portfolio. The remaining capex will focus on boosting the reliability of its baseload power plants, acquiring land, and upgrading its distribution business with new substations and meters.
AboitizPower is working to add 3,700 megawatts (MW) of renewable capacity to meet its 2030 target of 4,600 MW.
This year, the company completed the initial phase of this strategy by energizing a 17-MW binary geothermal power plant in Tiwi, Albay, and a 159-MW solar facility in Laoag, Pangasinan.
Currently, AboitizPower’s total attributable net sellable capacity stands at approximately 3,962.25 MW.
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