Business World Online
Posted on August 16, 2015 07:51:00 PM
A SUBSIDIARY of Aboitiz Power Corp. plans to spend nearly P1 billion to improve its distribution services in Davao del Norte.
In a petition released recently, Davao Light and Power Company, Inc. (DLPC) asked for the Energy Regulatory Commission’s (ERC) authorization to implement its capital expenditure (capex) projects for calendar year 2015.
DLPC distributes power in the cities of Davao and Panabo, as well as the municipalities of Carment, Sto. Tomas and Braulio Dujali.
The company wants to implement a total of 12 projects worth a combined P979.727 million, which it plans to fund via long-term loans.
“The... capex for calendar year 2015 are indispensable for the systematic and economic expansion and rehabilitation of DLPC’s distribution facilities and ensuring compliance with safety, performance and regulatory requirements,” the petition dated June 1 read.
“It will ultimately benefit customers in terms of continuous, reliable and efficient power supply,” it added.
Earlier this month, another unit of AboitizPower -- Visayan Electric Co (VECO) -- also sought regulatory approval for its 2015 capex projects worth over P1 billion.
VECO is the second largest distribution utility in the Philippines, next to Manila Electric Co.
On Friday last week, shares of AboitizPower closed at P43 each or 35 centavos more from Thursday’s P42.65 per share. -- Claire-Ann Marie C. Feliciano
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