By Danessa Rivera (The
Philippine Star) | Updated May 15, 2017 - 12:00am
MANILA, Philippines - Higher
electricity sales coupled with improved oil revenues pushed up PetroEnergy
Resources Corp. (PERC)’s first quarter earnings.
The company said it posted a
327-percent increase in consolidated net income of $4.31 million this year,
mainly driven by higher electricity sales from its renewable energy (RE)
development and power generation assets and slightly higher crude oil revenues
from the Gabon oil production.
Total net electricity exported by
the PERC subsidiaries increased from 76.60 gigawatt-hours (gwh) to 102.91 gwh.
This translated to gross revenues of P693.46 million compared with last year’s
P511.11 million.
“The positive difference in
generation between the two periods came from increased net electricity export
from the Maibarara and Tarlac power facilities. The feed-in-tariff
(FIT)-qualified Tarlac-1 solar facility was put into commercial operation in
February 2016 and the 20 MW Maibarara plant increased its load nomination after
its major preventive maintenance in the first quarter of 2016.” PERC vice
president F.G. Delfin Jr. said.
PERC president Milagros Reyes said
the company’s decision to venture in renewable energy six years ago — in
addition to it upstream oil business — has started paying off.
She said the 20-megawatt Maibarara
geothermal venture was declared in 2011 as the first commercial project under
the 2008 RE Law framework by the Department of Energy and was successfully put
on stream in 2014.
“This is now being expanded to add
another 12 MW generating unit. Since then, we have commissioned two more RE
plants, the 36-MW Nabas-1 wind power project in 2015 and the 50 MW(DC) Tarlac-1
solar power facility in 2016,” Reyes said.
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