Aboitiz Power Corp. said 65 percent of its capacity will come from renewable sources in 10 years.
The company said apart from balancing its portfolio, the move is driven by the Department of Energy’s (DOE) upcoming policies including the Renewable Portfolio Standard and Green Energy Option Program that will force distribution utilities to buy from RE sources.
“We expect DOE will be strict in compliance, resulting to a requirement for additional capacity by 2029 of just a little less than 10,000 megawatts (MW), assuming the capacity factor of the RE technology that will be installed is around 18 percent. We are preparing to participate and capture a piece of this market,” said Emmanuel Rubio, AboitizPower chief operating officer.
Rubio said RE investments will be both in the local and other Southeast Asian nations.
Last year, the company expressed optimism it can book a better financial performance this year, driven by the entry of new power capacities and the full year operations of several of its projects.
AboitizPower suffered then a 19 percent income drop in the first nine months of 2019 to P13.5 billion against the previous P16.7 billion after experiencing numerous plant outages.
Rubio said the company has “put all corrective actions” on power plants that experienced unplanned shutdowns in 2019 including the 690 MW GN Power Mariveles coal plant in Bataan and the 300 MW Therma South Inc. coal plant in Davao to be operational for the entire 2020.
At present, the Aboitiz Group and its partners produce 4,471 MW of total net sellable capacity of electricity from both thermal and renewable power sources. About 1,242 MW or 27 percent of the said capacity is sourced from RE.
