By Lenie
Lectura - November 8, 2019
Aboitiz
Power Corp. expects to perform better next year after enforcing corrective
action measures on its power plants that encountered technical snags in the
past months.
“We
don’t expect these outages will continue. We’ve put all corrective actions
already and so with that we expect a good performance with regard to
availability in 2020,” said company Chief Operating Officer Emmanuel Rubio, who
will assume a new post starting next year as the power firm’s president.
Some
of these plants include the 420-megawatt (MW) Pagbilao unit 3 and GN Power
Mariveles.
“We’ve
been beset by plant outages, especially during the first half of the year and
during summer when usually prices are high. What I would like to highlight is
most of the outages we’ve suffered from this year, we’ve learned from them and
we’ve collected a significant portion of the issues that came out from these
outages,” said Rubio.
The
company is optimistic that 2020 will turn out to be a better year since all of
its power plants would be fully operational.
“We
are very bullish. For next year, we have new capacities that will be
operating for the full year.
“TVI
[Therma Visayas Inc.] has two units and that’s 300 MW; one unit started
running April, and the other one in August. By next year that is all
available by whole year.
“GN
Power is 1,336 MW. One unit is expected to come in—probably April [at the
earliest]. The other unit is toward the fourth quarter of 2020,” Rubio said.
He
added that FiT (feed-in-tariff)-eligible facilities, such as the 68.8-MW hydro
plant in Manolo Fortich and the 19-MW La Trinidad hydro plant, which was
recently commissioned, will be operational for full-year 2020.
“I am
very bullish for next year. We have new plants coming in. Dinginin [GN Power
Dinginin Ltd. Co.] at 1,336 MW plus the hydro plants,” said Rubio.
The
power firm has set a target of registering 4,000 MW of attributable capacity in
2020 from the current 3,200 MW.
“We
will definitely hit the goal of 4,000 MW by next year. We have sold 23 terawatt
hours to the grid. We are expecting to hit over 30 terawatt hours by 2029,”
Rubio added.
He
said the company is “aggressively expanding” its energy portfolio and pursuing
projects in Vietnam, Indonesia, Myanmar, “with focus on hydro, solar” while
looking at opportunities in gas. “By 2029, our mix would be 50:50 thermal and
renewable energy,” said Rubio.
The
company’s third-quarter earnings dropped by 36 percent to P4.8 billion after
posting non-recurring losses of P340 million. Core profit declined by 35
percent to P5.1 billion.
“It
has been a tough year for AboitizPower with the supply issues that resulted in
the high cost of replacement power for our customers. The company has also
generated lower revenues from the spot market due to challenges that caused
some of our power plants to shut down,” said Rubio.
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