Politics

AboitizPower expects to maintain growth in 2023

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ABOITIZ Power Corp. said on Wednesday that the company is optimistic about maintaining this year its previous year’s growth to support the country’s transition to cleaner energy.

“As we move into 2023, we must maintain and build on this momentum. This year, we are ready to ride the waves of transformation as we leverage digitalization and innovation to improve our operations further,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said in a media release.

In 2022, the energy company of the Aboitiz group reported a core net income of P26.5 billion, 27.4% higher than the P20.8 billion posted a year earlier due to fresh contributions from its coal-fired plants.

Including one-off gains, the energy company registered a net income of P27.5 billion in 2022, higher by 32.2% than the P20.8 billion recorded a year earlier.

Mr. Rubio said that the energy company will reinvest its gains to drive the company’s growth and to balance its renewable and thermal energy portfolio by 2030.

AboitizPower is targeting to spend about P190 billion to expand its clean energy capacity to 4,600 megawatts (MW).

To date, AboitizPower has 1,000 MW or 1 gigawatt of clean energy projects in the pipeline.

“In today’s digital age, we are driven to maximize new technologies to enhance our services and business performance to ultimately provide enjoyable and exceptional customer experiences,” Mr. Rubio said.

AboitizPower said it plans to explore emerging technologies such as distributed energy resources, mobile energy storage, and microgrids.

At the stock exchange on Wednesday, shares in the company closed unchanged at P38 apiece. — Ashley Erika O. Jose