Pandemic stalls PetroEnergy’s wind project in Aklan

YUCHENGCO-LED PetroEnergy Resources Corp. suffered a delay in the construction of its latest wind project in Aklan because of the global coronavirus pandemic, though it is committed to meet its target commercial run.

PetroWind Energy Inc., a joint venture of the company’s renewables arm PetroGreen Energy Corp., Thai firm BCPG Wind Cooperatief U.A., and EEI Power Corp., is developing the second 14-megawatt unit of its existing Nabas wind power facility.

“Actual development of the project had to be paced due to the Covid-19 (coronavirus disease 2019) pandemic, but when resumed, it is expected to generate additional employment during construction, add to the LGUs (local government units) tax and royalty base, and stimulate business from local suppliers,” said Paul Elmer C. Morala, assistant vice president for power operations of PetroGreen.

The Department of Energy on May 13 issued PetroWind with a certificate of commerciality for the project. PetroGreen wants it to go online over the next two years, in time for the completion of improvements in the Cebu-Negros-Panay interconnection project of the National Grid Corporation of the Philippines.

PetroGreen also holds a portfolio of geothermal and solar power facilities. In its stockholders’ meeting in August, PetroEnergy said its green projects were “not seriously affected” by the pandemic.

Besides renewables, PetroEnergy is also engaged in petroleum development.

In the first semester, the company saw around 19.6% decline in attributable profits to P161.30 million due to the slump in its oil revenues. Its total revenues stood at P1.08 billion, or 3.6% lower from a year ago.

Its electricity sales between January and June were slightly lower by 2.6% to P912.08 million, mainly brought by the repricing of its geothermal plant’s electricity price. Depressed crude oil prices dragged down its petroleum revenues by 6.1% to P171.12 million in the period.

Shares in PetroEnergy were unchanged at P3.11 each on Wednesday. — Adam J. Ang





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