10 YEARS AT PSE. AboitizPower CEO Erramon I. Aboitiz (4th from left) and PSE Chairman Jose T. Pardo (4th from right) lead bell-ringing ceremony at the PSE Plaza during the opening of trades last July 18 in celebration of AboitizPower’s 10th year as a listed company. (Photo courtesy of AboitizPower)
DAVAO CITY, Philippines – The power generation unit of the Aboitiz group said it is on track in reaching its 4,000 MW capacity by 2020.
“In the next 12 months, the company is set to add more capacity to its balanced portfolio, including the 69-MW Manolo Fortich and 8-MW Maris Canal hydro power plants, as well as the 400-MW Pagbilao 3 and 340-MW Therma Visayas thermal power plants,” said Erramon I. Aboitiz, CEO of Aboitiz Power Corporation (AP).
Aboitiz said that the target is attainable by maintaining a healthy portfolio of renewable energy facilities.
“We will continue to push our balanced mix strategy because we believe that the long-term energy security of the country can be solved by balancing sustainability, accessibility, and reliability of power,” Aboitiz said in a statement on July 19.
At present, total of 32% of the company’s 3,955MW net sellable capacity at present is derived from its geothermal, hydro, and solar power plants, he added.
The Department of Energy (DOE) had announced its policy of putting emphasis on the generation of renewable energy in the country.
A data from the DOE said installed generating capacities of renewable energy sources in the Philippines increased in 2016 compared to 2015.
In Luzon, the installed generating capacity of REs increased to 4,120MW in 2016 compared to 3,863MW in 2015 – 843MW come from geothermal; 2,537 from hydro; and 740MW from biomass, solar and wind.
In Visayas, installed RE resources also increased last year to 1,574MW compared to 1,242MW in 2015 – 965 MW comes from geothermal; 20MW in hydro; and 540MW from biomass, solar and wind.
In Mindanao, installed generating REs reached up to 1,264MW in 2016 compared to 1,225MW in 2015 – 108MW come from geothermal; 1,061 from hydro; and 95MW from biomass, solar and wind.
IPO price doubles
Aside from power generation, AboitizPower is also into distribution with three utilities now serving around 900,000 customers nationwide, including a number of the country’s economic zones.
These distribution utilities include the Visayan Electric Co., Davao Light and Power and Cotabato Light.
The company also declared the increase of its Initial Public Offering price of P5.80 in 2007 to six times, or equivalent to P40.05 per share.
“This translates to a 28 percent total return to our shareholders compounded annually. Its dividend policy of paying out half of the annual net income is one of the highest dividend yields in the PSE,” Aboitiz said, adding that the company will “remain strategic yet disciplined in our approach towards achieving our growth goals, always mindful of our role in nation building.
The Aboitiz Group started its business in the power industry when it invested in small utilities in Jolo, Sulo and Ormoc in the Visayas in 1900s. It celebrated its 10th year anniversary as a publicly-listed company at the Philippine Stock Exchange on July 18.
AP is the parent company of utility firms Davao Light and Power Company, Cotabato Light and Power Company, and the Visayan Electric Company.(davaotoday.com)
