Published May 16, 2017, 10:00 PM By Myrna M.
Velasco
With its feed-in-tariff (FIT)
incentivized solar and wind farm developments contributing heavily to cash
stream, the Yuchengco-led PetroEnergy Resources Corporation has logged a record
327-percent hike on consolidated net income in the first quarter to US$4.306
million from the year-ago level of US$1.009 million.
Contributions to both the ‘top and
bottom lines’ of its RE portfolio had been complemented by similarly remarkable
financial performance of its upstream petroleum assets as well as its
conventional-leaning geothermal RE asset.
Financial outcome in this year’s
initial three months, according to the company, had expanded net income
attributable to equity holders by at least five times to $2.858 million from
$0.518 million in the same period last year.
“The four-fold surge was mainly due
to higher electricity sales from the company’s renewable energy development and
power generation assets and slightly higher crude oil revenues from the Gabon
oil production,” the company has noted.
So far, in the assessment of PERC
President Milagros V. Reyes, the company’s “decision to venture into RE, in
addition to our upstream oil business, has started paying off.”
Aside from its 50MW solar farm in
Tarlac and the 36MW Nabas wind project, the company also brought into
commercial stream its 20-megawatt Maibarara geothermal power project since year
2011.
The capacity of that geothermal
asset is now being expanded by additional 12 megawatts, that when completed,
will also be shoring up the company’s bottom line figures.
PetroEnergy Vice President Francisco
G. Delfin noted that “the positive difference in generation between the two
periods came from increased net electricity export from the Maibarara and
Tarlac facilities.”
The company’s solar facility was the
first to qualify in the second wave award of FIT incentive by the government;
while its Maibarara geothermal plant had reported “increased load nomination
after its major preventive maintenance.”
It had been noted further that
aggregated gross generation from their three operating RE plants – to include
that of the Nabas wind plant – had beefed up revenues to P693.46 million for
January-March 2017 from last year’s P511.11 million.
No comments:
Post a Comment