AboitizPower net income climbs by 32% in 2022

Its net income stood at P27.5b (US$497.7b).

AboitizPower reported its net income grew by 32% to P27.5b, or approximately US$497.7b, in 2022. 

This was attributed to the 1,336-megawatt GNPower Dinginin Lt. Co, higher availability across the company’s portfolio, gains from commodity hedges, and higher water inflows. 

Moving forward, AboitizPower plans to reinvest its earnings in pursuit of having a 50:50 balance between the company’s renewable and thermal portfolios by 2030. 

Read more: AboitizPower, EPI closes power supply deal

AboitizPower is looking to spend around P190b (US$3.4b) to grow its clean energy capacity to 4,600 megawatts, which will account for 50% of its total generation portfolio by 2030. 

Just last January, AboitizPower broke ground for its 17MW Tiwi geothermal power plant.

The company also has two solar PV projects in Pangasinan: a 94MW peak solar

power facility in Cayanga, Bugallon and a 167tMW peak Laoag solar project in Aguilar, which are expected to commence commercial operations this year and next year, respectively.

AboitizPower's 49MW hybrid battery energy storage system (BESS) facility in Maco, Davao de Oro, started its operations last year. The company and partner, SN Power of Norway, are also working on a 24MW BESS project in the Magat complex in Ramon, Isabela.