(The Philippine Star) | Updated March 16, 2013 - 12:00am
MANILA, Philippines - Companies affiliated with Aboitiz Power Corp. have signed a deal with the National Grid Corp. of the Philippines (NGCP), the operator of the country’s power transmission highway, for the provision of ancillary services.
In a disclosure to the stock exchangeAboitz Power said its affiliates SN Aboitiz Power – Magat Inc. and SN Aboitiz Power – Benguet Inc. signed ancillary services procurement agreements with NGCP to cover contingency reserves from the Magat and Ambuklao hydroelectric power plants owned and operated by the Aboitiz Group.
Furthermore, the agreements also cover contracted capacities for both regulating and contingency reserves at 155 megawatts for Magat and 95 MW for Ambuklao, Aboitiz Power said.
The contracts are valid for three years from the issuance of a provisional or final approval by the Energy Regulatory Commission (ERC).
Another Aboitiz Power affiliate, Therma Luzon Inc. (TLI), meanwhile, also signed an agreement with the NGCP covering both firm and non-firm contracted capacities for contingency reserve at 60 MW during off-peak and 60 MW during peak hours, respectively.
This agreement is valid for a period of five years from the date of approval by the ERC, Aboitiz Power said.
Last year, Aboitiz Power reported a consolidated net income of P24.4 billion, up 13 percent from P21.6 billion in 2011. This translated to earnings per share of P3.32.
“2012 was another good year for Aboitiz Power, with both distribution and generation segments experiencing strong electricity growth on the back of a vibrant economy. We believe that we have the right strategy and initiatives in place to sustain our growth over the long term. We are confident we have the required management team in place to ensure successful execution of these plans,” Aboitiz Power president and CEO Erramon Aboitiz earlier said. source
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