Business World Online
Posted on June 02, 2011 10:46:01 PM
AN ABOITIZ Power Corp. unit will be generating up to 105 megawatts by the third quarter from a rehabilitated hydroelectric power plant in Benguet which began partial operations this week, officials yesterday said.
Luis Miguel O. Aboitiz, vice-president of Aboitiz Power Corp., gestures as he answers questions at the sidelines of a press briefing yesterday. The power firm expects to generate up to 105 megawatts from its Benguet hydro plant by the third quarter this year.
The power from the Ambuklao plant will be traded on the wholesale electricity spot market and also offered up for ancillary services for the national grid.
“Ambuklao unit 3 was officially registered in the spot market on June 1 and is now providing 35 megawatts,” Emmanuel V. Rubio, SN Aboitiz Power-Benguet, Inc. chief executive, said in a press briefing.
“The plant will be fully rehabilitated…to 105 megawatts by the third quarter,” Mr. Rubio said.
SN-Aboitiz is a joint venture between Aboitiz Power and Norway-based SN Power.
The firm bought the plant along with the nearby Binga plant from the government in November 2007 for $280 million.
It then sunk in $170 million to rehabilitate the Ambuklao plant.
The company is also eyeing the expansion of the Magat hydroelectric power plant in Isabela.
“We’re still deciding if the expansion will be one or two units. Final investment decision for the expansion will be made before the year ends so there is no estimated cost yet,” Aboitiz Power Corp. Vice-President Luis Miguel O. Aboitiz said.
Aboitiz Power’s core net income dropped 32% to P4.7 billion in the first quarter from P7 billion in the same period last year.
Consolidated net income fell 32% to P5.1 billion in the first three months of the year from P7.4 billion.
Aboitiz Power ended 2010 with a 338% increase in its net income to P25 billion from P5.7 billion.
Core net income grew 360% to P24.4 billion from P5.3 billion.
Shares in Aboitiz Power closed at P30 yesterday, up 0.50% from its previous close of P29.85 apiece. -- Emilia Narni J. David
“Ambuklao unit 3 was officially registered in the spot market on June 1 and is now providing 35 megawatts,” Emmanuel V. Rubio, SN Aboitiz Power-Benguet, Inc. chief executive, said in a press briefing.
“The plant will be fully rehabilitated…to 105 megawatts by the third quarter,” Mr. Rubio said.
SN-Aboitiz is a joint venture between Aboitiz Power and Norway-based SN Power.
The firm bought the plant along with the nearby Binga plant from the government in November 2007 for $280 million.
It then sunk in $170 million to rehabilitate the Ambuklao plant.
The company is also eyeing the expansion of the Magat hydroelectric power plant in Isabela.
“We’re still deciding if the expansion will be one or two units. Final investment decision for the expansion will be made before the year ends so there is no estimated cost yet,” Aboitiz Power Corp. Vice-President Luis Miguel O. Aboitiz said.
Aboitiz Power’s core net income dropped 32% to P4.7 billion in the first quarter from P7 billion in the same period last year.
Consolidated net income fell 32% to P5.1 billion in the first three months of the year from P7.4 billion.
Aboitiz Power ended 2010 with a 338% increase in its net income to P25 billion from P5.7 billion.
Core net income grew 360% to P24.4 billion from P5.3 billion.
Shares in Aboitiz Power closed at P30 yesterday, up 0.50% from its previous close of P29.85 apiece. -- Emilia Narni J. David
No comments:
Post a Comment