ABOITIZ Power Corp. (AboitizPower) announced on Monday that its net income increased by 4% to P7.9 billion for the first quarter from P7.5 billion in the same period last year.
“AboitizPower continued its strong performance in the first quarter of 2024, building on its successful 2023,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said in a statement.
Excluding nonrecurring items, the energy company of the Aboitiz group reported a core net income of P7.8 billion, up 3% from P7.6 billion a year ago.
Its generation and retail electricity supply business registered a 5.3% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) to P13.8 billion.
Capacity sold in the three-month period increased by 1% to 8,812 gigawatt hours (GWh) from 8,725 GWh previously.
AboitizPower’s power distribution business recorded an EBITDA of P2.6 billion, a decrease of 11% due to “favorable timing in pass-through charges that were recognized in 2023 resulting from declining fuel prices.”
Energy sales grew by 9% to 1,526 GWh due to higher demand driven by the effect of the El Niño weather phenomenon, the company said.
“Looking ahead, we’re excited about the new growth drivers emerging this quarter. By leveraging these opportunities, we remain confident in our ability to unlock shared success for all our stakeholders,” Mr. Rubio said.
For 2024, AboitizPower has set aside P73 billion in capital expenditures (capex), higher than the P26 billion in 2023. Of the total, 72% is earmarked for its renewable energy pipeline.
The energy company aims to build 3,700 megawatts (MW) of new renewables, which will grow its capacities to 4,600 MW by 2030.
As part of its initial expansion phase of 1,200 MW, renewable energy projects totaling a capacity of 176 MW are set to come online in the first half of 2024.
This includes the 17-MW binary geothermal power plant in Tiwi, Albay, and the 159-MW solar plant in Laoag, Pangasinan.
The company said construction for an additional 218 MW is ongoing.
“The second phase of AboitizPower’s expansion will see another 1,700 MW of new solar and wind power,” it said.
Meanwhile, the rest of the P73-billion budget for the year is allocated for further improving the reliability of the company’s baseload power plants, land acquisition, and new substations and meters for its distribution business.
The capex does not yet include the investment in Chromite Gas Holdings.
In March, AboitizPower, through its subsidiary Therma NatGas Power, entered into an investment agreement with Meralco PowerGen Corp. to acquire a 40% stake in Chromite Gas.
The investment involves two gas-fired power plants — the 1,278 MW Ilijan power plant and a new 1,320 MW combined cycle power facility — as well as a liquefied natural gas import and regasification terminal. — Sheldeen Joy Talavera