Power firm holds off expansion, eyes LNG

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    Aboitiz Power Corp. said is holding off international expansion plans until 2022 but expressed interest to join the bandwagon of local conglomerates in developing liquefied natural gas (LNG) power projects.

    “We have deferred our move in Vietnam during the pandemic. We see ourselves back by 2022 into the countries that we have chosen pre-pandemic,” said Emmanuel Rubio, Aboitiz Power president and chief executive officer, in a virtual briefing last week.

    Last April, the company dropped its share purchase agreement for the acquisition of 100 percent ownership of Mekong Wind Pte. Ltd. that would have allowed AboitizPower to capture all legal and economic interest in Mekong Wind which owns and operates the 39.4 megawatts (MW) onshore wind power facility in Ninh Thuan province, southern Vietnam.

    The company earlier announced plans to put up large hydro power projects in Indonesia and Myanmar as part of its overseas expansion. Rubio said the company sees LNG as a more competitive fuel source in terms of pricing in the coming years.

    “It’s an option we are seriously considering and we have created a team that will look at this option. In the next 10 years, we expect that gas will form part of our portfolio for baseload supply,” he added.

    For next year, AboitizPower is looking to allocate a capital expenditure of P24 billion to fund projects including the continued construction of GNPower Dinginin Ltd. Co.’s 668×2 MW super critical coal-fired power plant; the 49 MW energy storage project of Therma Marine Inc.; and SN-Aboitiz Power’s 20 MW energy storage and 67 MW floating solar projects.
    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.