Excellent 2022 performance boosts renewable energy initiatives
BUILDING on the momentum from last year’s successes, Aboitiz Power Corporation (AboitizPower) is primed to continue its mission of “transforming energy for a better world”, in support of the Philippines’ aspirations of cleaner and greener economic growth.
“As we move into 2023, we must maintain and build on this momentum. This year, we are ready to ride the waves of transformation as we leverage digitalization and innovation to improve our operations further,” said AboitizPower President and Chief Executive Officer Emmanuel “Manny” Rubio.
The company’s 2022 net income grew 32% to P27.5 billion from P20.8 billion the previous year. It attributed this to fresh contributions of 1,336-megawatts (MW) from GNPower Dinginin Ltd. Co. (GNPD), higher availability across the company’s portfolio, gains from commodity hedges, and higher water inflows.
Without one-off gains, the company’s core net income for 2022 was P26.5 billion, 27% higher than the P20.8 billion in 2021. “Aside from providing shareholder returns, AboitizPower will reinvest the money to the business to help fuel growth and realize our aspiration of having a 50:50 balance between our renewable and thermal portfolios by 2030,” Rubio said.
AboitizPower aspires to help balance the country’s economic development and environmental hopes. The company is looking to spend around P190 billion to grow its clean energy capacity to 4,600 MW or 50% of its total generation portfolio by 2030. It already has 1,000 MW of ongoing and disclosed clean energy projects. In January this year, AboitizPower broke ground for its 17-megawatt (MW) Tiwi geothermal power plant.
Further down the pipeline, there are also two solar PV projects in Pangasinan: a 94-MW peak solar power facility in Cayanga, Bugallon, and a 167-megawatt peak Laoag solar project in Aguilar, which are expected to commence commercial operations this year and next year, respectively.
AboitizPower’s 49-MW hybrid battery energy storage system (BESS) facility in Maco, Davao de Oro, started its operations last year. The company and partner, SN Power of Norway, are also working on a 24-MW BESS project in the Magat complex in Ramon, Isabela.
In 2023, AboitizPower will continue leveraging digitalization and innovation to improve its business operations and customer service, in line with the Aboitiz Group’s vision of becoming the country’s first ‘techglomerate.’
“Our customers are at the core of our operations, and their satisfaction and well-being are paramount,” said Rubio. “In today’s digital age, we are driven to maximize new technologies to enhance our services and business performance to ultimately provide enjoyable and exceptional customer experiences.”
In its bid to grow beyond its core enterprises, the company is also primed to explore new energy-adjacent opportunities such as distributed energy resources, mobile energy storage, Internet of Things, and microgrids.
“We aim to create a world where communities thrive and the environment is protected for future generations. A deep sense of purpose drives us, and we will exert all efforts to achieve our vision,” Rubio said.
