Aboitiz Power core net  surges 29% in 2023

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Aboitiz Power Corp. recorded a 29-percent increase in core net income in 2023 to P32 billion from 2022’s 24.8 billion.

The company said the increase was primarily due to fresh contributions from GNPower Dinginin Ltd. Co. and higher availability across its entire power generation portfolio.

“…This achievement further strengthens our position as a leader in the industry. We are steadfast in our pursuit of sustainability and you can see that in our ongoing clean energy investments, ESG (environmental, social and governance) ratings and corporate governance awards,” said Emmanuel Rubio, Aboitiz Power president and chief executive officer, in a statement.

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The company said the volume of energy it sold in 2023 also increased 17 percent to 35,372 gigawatt-hours (GWh) compared to 30,251 GWh in 2022.

“…our focus remains on responsible growth through strategic investments, streamlining operations, and building strong partnerships. Our goal is to pave the way for a brighter energy future for everyone,” Rubio said.

Aboitiz Power is set to complete as much as 400 megawatts (MW) worth of new RE power capacity this year from solar and geothermal.

The company also eyes spending around P190 billion over the next decade for an additional 3,700 MW of RE, growing its capacities to 4,600 MW or three times the company’s current renewables portfolio by 2030.

Close to 1,000 MW of Aboitiz Power projects in wind and solar farms and geothermal capacities are in the pipeline.

Among Aboitiz Power’s upcoming new RE capacities include the 17 MW binary geothermal power plant in Tiwi, Albay; the 159 MW solar plant in Laoag, Pangasinan; the 173 MW solar project in Calatrava, Negros Occidental; and another 44 MW solar plant in Armenia, Tarlac that are all expected to come online within the year.

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