Business World Online
Posted on March 02, 2014 08:52:28 PM
SN ABOITIZ Power-Magat, Inc. (SNAP-Magat) is spending some P500 million for rehabilitation of the last unit of the 360-megawatt (MW) Magat hydroelectric plant in Isabela within this semester, the company’s top official told reporters in Makati City on Wednesday last week.
“We are on the last unit of the Magat refurbishment. We’ve put it down the middle of January of this year and we expect that to be running by early June,” said Emmanuel V. Rubio, SNAP Group president.
Mr. Rubio said SNAP-Magat spent around P1.3 billion for the rehabilitation of the first three units and another P500 million is budgeted for the last unit.
“This is something which has not been done in the 25 years that the plant has been operating under Napocor (National Power Corp.),” the official noted.
The work involves overhaul of electromechanical equipment of the hydropower facility in order to ensure that the plant can run at full capacity.
“The project also aims to avert operational inefficiencies that usually come with many years in operation,” Mr. Rubio said.
Refurbishment of the facility -- which is located in a site straddling the municipality of Ramon in Isabela and Alfonso Lista in Ifugao -- started in 2009.
Besides the ongoing improvement of the power facility, SNAP-Magat also plans to expand the plant’s capacity by up to 115 MW.
Proposal for the expansion of the power plant that will involve installation of a new pump and storage system is still awaiting approval of the Energy department.
“The submission for the expansion to the Energy department is actually for a pump storage for additional 115-MW capacity,” Mr. Rubio said.
EXPANDING
SNAP Group bagged the Magat facility after it submitted a bid of $530 million in an auction conducted by the government in December 2006.
Seven months after the official takeover of the Magat facility in April 2007, SNAP Group also acquired the 125-MW Binga and the 105-MW Ambuklao hydroelectric plants with its $325-million bid during an auction held in November 2007.
It took over operations of the plants -- both located in Benguet -- in July 2008.
SNAP Group is a joint venture of SN Power of Norway and Aboitiz Power Corp. (AboitizPower), which in turn is the listed power generation and distribution arm of Aboitiz Group.
AboitizPower’s profit dropped 22.26% to P14.6 billion as of September last year from P18.78 billion in the same nine months of 2012. In the same comparative periods, revenues fell 4.15% to P45.06 billion from P47.01 billion, while expenses dropped 8.24% to P29.07 billion from P31.68 billion.
Shares of the AboitizPower gained 60 centavos or 1.57% to end at P38.85 apiece on Friday last week from P38.25 each on Thursday. -- Claire-Ann Marie C. Feliciano source
Mr. Rubio said SNAP-Magat spent around P1.3 billion for the rehabilitation of the first three units and another P500 million is budgeted for the last unit.
“This is something which has not been done in the 25 years that the plant has been operating under Napocor (National Power Corp.),” the official noted.
The work involves overhaul of electromechanical equipment of the hydropower facility in order to ensure that the plant can run at full capacity.
“The project also aims to avert operational inefficiencies that usually come with many years in operation,” Mr. Rubio said.
Refurbishment of the facility -- which is located in a site straddling the municipality of Ramon in Isabela and Alfonso Lista in Ifugao -- started in 2009.
Besides the ongoing improvement of the power facility, SNAP-Magat also plans to expand the plant’s capacity by up to 115 MW.
Proposal for the expansion of the power plant that will involve installation of a new pump and storage system is still awaiting approval of the Energy department.
“The submission for the expansion to the Energy department is actually for a pump storage for additional 115-MW capacity,” Mr. Rubio said.
EXPANDING
SNAP Group bagged the Magat facility after it submitted a bid of $530 million in an auction conducted by the government in December 2006.
Seven months after the official takeover of the Magat facility in April 2007, SNAP Group also acquired the 125-MW Binga and the 105-MW Ambuklao hydroelectric plants with its $325-million bid during an auction held in November 2007.
It took over operations of the plants -- both located in Benguet -- in July 2008.
SNAP Group is a joint venture of SN Power of Norway and Aboitiz Power Corp. (AboitizPower), which in turn is the listed power generation and distribution arm of Aboitiz Group.
AboitizPower’s profit dropped 22.26% to P14.6 billion as of September last year from P18.78 billion in the same nine months of 2012. In the same comparative periods, revenues fell 4.15% to P45.06 billion from P47.01 billion, while expenses dropped 8.24% to P29.07 billion from P31.68 billion.
Shares of the AboitizPower gained 60 centavos or 1.57% to end at P38.85 apiece on Friday last week from P38.25 each on Thursday. -- Claire-Ann Marie C. Feliciano source
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