Published May 16, 2017, 10:00 PM By Myrna M. Velasco
With its feed-in-tariff (FIT) incentivized solar and wind farm developments contributing heavily to cash stream, the Yuchengco-led PetroEnergy Resources Corporation has logged a record 327-percent hike on consolidated net income in the first quarter to US$4.306 million from the year-ago level of US$1.009 million.
Contributions to both the ‘top and bottom lines’ of its RE portfolio had been complemented by similarly remarkable financial performance of its upstream petroleum assets as well as its conventional-leaning geothermal RE asset.
Financial outcome in this year’s initial three months, according to the company, had expanded net income attributable to equity holders by at least five times to $2.858 million from $0.518 million in the same period last year.
“The four-fold surge was mainly due to higher electricity sales from the company’s renewable energy development and power generation assets and slightly higher crude oil revenues from the Gabon oil production,” the company has noted.
So far, in the assessment of PERC President Milagros V. Reyes, the company’s “decision to venture into RE, in addition to our upstream oil business, has started paying off.”
Aside from its 50MW solar farm in Tarlac and the 36MW Nabas wind project, the company also brought into commercial stream its 20-megawatt Maibarara geothermal power project since year 2011.
The capacity of that geothermal asset is now being expanded by additional 12 megawatts, that when completed, will also be shoring up the company’s bottom line figures.
PetroEnergy Vice President Francisco G. Delfin noted that “the positive difference in generation between the two periods came from increased net electricity export from the Maibarara and Tarlac facilities.”
The company’s solar facility was the first to qualify in the second wave award of FIT incentive by the government; while its Maibarara geothermal plant had reported “increased load nomination after its major preventive maintenance.”
It had been noted further that aggregated gross generation from their three operating RE plants – to include that of the Nabas wind plant – had beefed up revenues to P693.46 million for January-March 2017 from last year’s P511.11 million.