November 11, 2015 9:41 pm by RITCHIE A. HORARIO
TRANS-ASIA Oil and
Energy Development Corp. (Trans-Asia) said its consolidated net income in the
first nine months of the year grew more than six times to P397 million, boosted
by strong earnings from unit South Luzon Thermal Energy Corp. (SLTEC).
In a disclosure to
the Philippine Stock Exchange (PSE), Trans-Asia said its net income rose to
P397 million in the January to September period, more than six times the P59
million recorded in the same period last year.
According to
Trans-Asia, the energy arm of the PHINMA Group, its net income for the period
was boosted by earnings from South Luzon Thermal Energy Corp. (SLTEC).
SLTEC started operating the first unit of its 270-megawatt (MW) circulating
fluidized bed coal-powered plant in April this year, and is currently in the
commissioning stage for the second unit, which is poised to deliver another 135
MW to the grid by year-end.
SLTEC is a 50-50
joint venture of Trans-Asia with AC Energy Holdings of the Ayala Group.
The company said the
jump in net income was largely driven by an increase in generation revenue to
P1.02 billion, a 41 percent increase from the P723 million recorded in the
previous period.
Contributing to the
significant increase in revenues was the successful operation of Trans-Asia
Renewable Energy Corporation (TAREC), a wholly owned subsidiary of Trans-Asia.
TAREC commenced full operation of its 54-MW wind farm in San Lorenzo, Guimaras,
last December 27, 2014.
TAREC vice president
Danilo L. Panes said they are pleased with the outcome of their wind farm,
which supplements the energy requirements of Panay.
“This reduces the
island’s reliance on power from Negros, and improves the reliability of the
Visayas grid,” said Panes.
TAREC was the first
and only project that was issued a Final Certificate of Approval to Connect to
the grid by the National Grid Corp. of the Philippines (NGCP), signifying TAREC
San Lorenzo Wind Farm’s full compliance with the requirements for RE plants
under the Grid Code.
The clean energy
project comparably reduces carbon emissions by around 65,000 tons of CO2 per
year.
TAREC has already
been issued its Certificate of Eligibility, which qualifies the project for the
second round of Feed-in-Tariff (FIT) incentives from the Department of Energy
(DOE).
In 2015, Trans-Asia
also acquired three power barges with a combined capacity of 96 MW from the
Power Sector Assets and Liabilities Management (PSALM) Corp.
The barges increase
the peaking generation capacity of the company, which complements the
additional baseload capacity brought about by SLTEC.
Other ongoing
projects include the 12 MW expansion of the existing 20-MW geothermal plant of
Maibarara Geothermal, Inc. (MGI). MGI is Trans-Asia’s joint-venture with
PetroEnergy Resources Corp. and PNOC Renewables Corp. The expansion is expected
to be completed by early 2017.
Trans-Asia is an
integrated power company of the PHINMA group and is engaged in power generation
and electricity supply, wind energy development and energy resource
development.
It provides reliable
and sustainable energy to its customers and host communities.
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