Business World Online
Posted on March 23, 2012 06:40:34 PM
ABOITIZ POWER Corp. expects to complete the rehabilitation of the Binga hydroelectric power plant in Benguet within the first half of the year after already finishing work on the nearby Ambuklao facility.
Aboitiz Power's subsidiary SN- Aboitiz Power completed the work on one of the units in the Binga hydroelectric power plant in December last year and work on the second unit "have commenced and are expected to be completed in June 2012", a disclosure to the local bourse on Friday stated.
In the meantime, total capacity has increased to 105 megawatts (MW) from 100 MW. The target, set when rehabilitation work began in 2010, is to raise the capacity to 120 MW.
The company bought Ambuklao and the Binga hydroelectric power plants in November 2007 for $280 million from the state-run Power Sector Assets and Liabilities Management Corp. (PSALM).
The firm earlier said the total cost for the rehabilitation and refurbishment of the Ambuklao-Binga facilities is $290 million.
Rehabilitation of the Ambuklao power plant was completed last year. It now provides ancillary power to the Luzon grid.
Aboitiz Power went on to note that it is also expecting to finish the rehabilitation of the 298-MW Tiwi-Makban geothermal power plant in the near-term.
"Works on the Tiwi facilities are targeted for completion by the third quarter of 2012, while those for Makban are seen to be finished by the first quarter of 2013. Enhancements in the plants' availability rate are expected following the completion of the refurbishment, rehabilitation and resource improvements," the company said.
The company won the contract to operate the Tiwi-Makban in 2008 when it offered $446.9 million for the plants.
Aboitiz Power's core net income for 2011 fell 14% to P21.1 billion from P24.4 billion in 2010.
Its consolidated net income dropped 14% to P21.6 billion from P25 billion.
Shares of Aboitiz Power closed at P32.95, down 0.40% from its previous close of P33.05 a piece. -- ENJD
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