Business World Online
Posted on September 28, 2011 10:47:11 PM
MARUBENI CORP. and Aboitiz Power Corp. are building another plant at the Pagbilao site. -- www.Marubeniphil.com
Marubeni and Aboitiz Power on Tuesday “formalized the intention” to jointly develop and construct the power plant, a disclosure to the local bourse read, providing more details to an investment commitment reported by the government during President Benigno S.C. Aquino III’s state visit to Japan.
The new generator, slated for completion by 2015, will rise on the same complex housing the exisiting 700-megawatt Pagbilao power plant.
“Like the Pagbilao facilities, the new power plant will also run on clean coal generation,” Aboitiz Power said.
Marubeni is the part-owner of TeaM Energy which operates the Pagbilao power plant. Aboitiz Power’s subsidiary Therma Luzon, Inc. holds the independent power producer administrator (IPPA) contract for the plant.
“We are very pleased to work with Marubeni at optimizing the capacity of the Pagbilao power station,” Erramon I.Aboitiz, Aboitiz Power president and chief executive, said in the statement.
“This is part of our overall goal of providing power solutions that are competitively priced,” Mr. Aboitiz said.
Aboitiz Power won the contract for the Pagbilao plant in 2009. It was declared the highest bidder with an offer of $691 million for the power plant.
Aboitiz Power’s consolidated net income fell 17% to P10.6 billion in the first half from P12.7 billion.
Its core net income fell 23% to P9.9 billion.
Shares of Aboitiz Power closed at P27.60, up 2.2% from its previous close of P27 apiece.
Marubeni is also expected to expand the 1,200-MW Sual power plant in Pangasinan with San Miguel Corp., the firm with rights over selling the generated electricity according to the government.
Marubeni and San Miguel officials could not be immediately reached to confirm this.
“They were discussing the possibility of increasing the expansions,” Energy Secretary Jose Rene D. Almendras told reporters in a chance interview.
The 400-MW expansion planned for Sual could be hiked to 600-MW instead, Mr. Almendras said. -- Emilia Narni J. David
The new generator, slated for completion by 2015, will rise on the same complex housing the exisiting 700-megawatt Pagbilao power plant.
“Like the Pagbilao facilities, the new power plant will also run on clean coal generation,” Aboitiz Power said.
Marubeni is the part-owner of TeaM Energy which operates the Pagbilao power plant. Aboitiz Power’s subsidiary Therma Luzon, Inc. holds the independent power producer administrator (IPPA) contract for the plant.
“We are very pleased to work with Marubeni at optimizing the capacity of the Pagbilao power station,” Erramon I.Aboitiz, Aboitiz Power president and chief executive, said in the statement.
“This is part of our overall goal of providing power solutions that are competitively priced,” Mr. Aboitiz said.
Aboitiz Power won the contract for the Pagbilao plant in 2009. It was declared the highest bidder with an offer of $691 million for the power plant.
Aboitiz Power’s consolidated net income fell 17% to P10.6 billion in the first half from P12.7 billion.
Its core net income fell 23% to P9.9 billion.
Shares of Aboitiz Power closed at P27.60, up 2.2% from its previous close of P27 apiece.
Marubeni is also expected to expand the 1,200-MW Sual power plant in Pangasinan with San Miguel Corp., the firm with rights over selling the generated electricity according to the government.
Marubeni and San Miguel officials could not be immediately reached to confirm this.
“They were discussing the possibility of increasing the expansions,” Energy Secretary Jose Rene D. Almendras told reporters in a chance interview.
The 400-MW expansion planned for Sual could be hiked to 600-MW instead, Mr. Almendras said. -- Emilia Narni J. David
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