Aboitiz Power Corp. has set its capital expenditure (capex) for 2025 at P78.1 billion, with 66 percent of it allocated to renewable energy projects.
The listed company, a member of the Aboitiz conglomerate, said in a message on Thursday this year’s capex is 6.9 percent higher than the P73 billion earmarked for last year.
“For this year, Aboitiz Power, together with its partners, allocated P78.1 billion in capital expenditures, with the majority share equivalent to 66 percent allocated for its RE portfolio, similar to the 2024 capex [wherein 72 percent was for RE.] This reflects the company’s thrust to expand its clean energy capacity to 4,600 megawatts (MW),” Aboitiz Power said.
The company did not specify what RE projects to push.
In a separate message, company President and Chief Executive Officer Danel Aboitiz said the company’s performance this year is still positive despite its drivers being a “mixed bag.”
Aboitiz said prices on the Wholesale Electricity Spot Market (WESM) have been “very low,” which is good from a national perspective since power supply additions are outpacing demand growth.
“Demand growth has been slower than expected in the first quarter, but on the flip side, we have a number of new projects coming in, so that’s new capacity, new megawatts. And we’ve been able to contract a good portion of our portfolio to shield us from those low WESM prices, so AP should be okay,” Aboitiz said.
Aboitiz Power’s net income in 2024 grew by 5 percent to P33.7 billion from 2023’s P32 billion, attributed to increased generation portfolio margins and better energy sales.
The power company’s current growth strategy is to add 3,600 MW of new RE capacity by 2030, for a total of 4,600 MW of RE.
The additional wattage can be paired with thermal power plants to support the country’s baseload and peak energy demands, achieving the company’s total portfolio of 9,200 MW.
