The Aboitiz Power Corporation has registered a Php 19.5 billion net income for the first nine months of 2022, a 24% from the Php 15.7 billion recorded in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), AboitizPower said that it has recorded a consolidated net income of Php 9.6 billion for the third quarter period, a 72% jump from last year’s Php5.6 billion.
The increase in the company’s income was attributed to the higher availability of the GN Power Mariveles Energy Center Ltd., fresh contributions of the GNPower Dinginin Units 1 and 2, higher water inflows, and gains from commodity hedges.
“We have seen peak energy demand continue picking up in Luzon and Visayas during this past quarter, exceeding pre-pandemic levels. Our new capacities have been delivering much-needed energy to the grid during its commissioning period,” AboitizPower president and CEO Emmanuel Rubio said in a statement.
Rubio added that the company remains focused on growing its renewable energy portfolio, “with our latest foray into wind power taking us closer to our targets.”
AboitizPower recently entered into a joint venture with Mainstream Renewable Power for a 90-megawatt (MW) onshore wind facility in Camarines Sur.
“At the same time, we are ensuring our existing facilities continue to meet the Philippines’ baseload needs,” Rubio said.