ABOITIZ Power Corp. expects recovery in power demand as the enhanced community quarantine (ECQ) eases in some areas.
“Demand for power has dipped since the ECQ; spot prices are also lower, given the lower demand and collections are down. We’re seeing an upward movement week on week, especially with demand due to higher temperature. Collections are higher than expected. It is expected to gradually increase upon the easing of lockdown,” said Emmanuel Rubio, AboitizPower president and chief executive officer said in a virtual briefing on Monday.
Rubio said the company will pursue power projects abroad, which will all be from renewable sources.
“We are focusing on participating and playing a significant role in the program of the government on Renewable Portfolio Standard and the Green Energy Option program plus our focus growth area overseas… We expect 13 percent of our portfolio in the next 10 years will be for international and all of those will be renewable. We estimate 65 percent of our new capacity will come from RE and that by 2030, the ratio between renewable and thermal will be close to 1:1 thermal to renewable,” Rubio said.
AboitizPower said that it has recently remitted the P14 million share of Energy Regulations 1-94 (ER 1-94) Program funds to the government of Davao City in support of its efforts to combat the effects of COVID-19.
As the Department of Energy also prepares to remit its share of funds through the program, the local government of Davao City is slated to receive a grand total of P26 million.
Davao City is one of the host beneficiaries of the company’s generation units Hedcor and Therma South, Inc.
The ER 1-94 program is a policy which stipulates that host communities will get a share of one centavo for every kilowatt-hour generated by power plants operating in its area.
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 renewable energy.
