AboitizPower to welcome 2024 with new projects – CFO

AboitizPower edited

AboitizPower is looking forward to a bustling 2024 as the company’s momentum soars with new energy projects that will contribute to the Philippine grid.

Its newly-appointed Chief Financial Officer, Juan Alejandro Aboitiz, said that the company has already started delivering energy from its Cayanga power station, a solar plant in Pangasinan, offering a 94 megawatt-peak (MWp) capacity.

They are also anticipating a 159 MWp capacity from their Laoag solar plant to commence delivering power to the grid next year.

In addition to this, AboitizPower is awaiting the commencement of operations for a 24 MW battery energy storage project in Magat with partner Scatec in 2024.

“We are on track to deliver our growth aspirations, and obviously if there are opportunities to build more RE (renewable energy) — such as wind for example — that’s something that we’re always looking to do,” said Aboitiz.

AboitizPower has set out to decarbonize itself by doubling its net attributable capacity to 9,200 MW over the next ten years, with a 50:50 balance between thermal and renewable energy sources.

Given the annual increase in energy consumption, the corporation sought to ensure a balanced transition to renewable energy sources by providing adequate baseload capacity during the process.

“In order to have a just and equitable transition, the entire energy system has to evolve. The [transmission] networks have to be able to manage more variability in the grid because of all of the renewable energy we are building.” Aboitiz added.

The newly appointed CFO also mentioned that the corporation is closely monitoring liquefied natural gas (LNG) as a transition fuel and is thinking about implementing nuclear technology as part of its decarbonization plans.

Nearly 1,000 MW of RE projects have been identified by AboitizPower thus far, including a 17 MW geothermal binary plant located in Tiwi, Albay.