AboitizPower invests P78.1 billion in renewable energy expansion

Aboitiz Power Corporation plans to invest P78.1 billion this year to grow its renewable energy operations. This investment is nearly a 7 percent increase from last year's budget of P73 billion. About 66 percent of this year's budget will focus on expanding the company's renewable energy capacity. AboitizPower aims to increase its total renewable energy output to 4,600 megawatts by 2030. The company expects its new projects to start generating power, which could boost profits this year. AboitizPower's president and CEO, Danel Aboitiz, mentioned that electricity prices in the Wholesale Electricity Spot Market (WESM) have dropped recently. He noted that the growth in electricity demand has been slower than anticipated. However, the company has several projects coming online, which should help stabilize its earnings. Currently, WESM prices average P5.22 per kilowatt-hour. This is a significant decrease from February, when prices were much higher due to warmer temperatures. AboitizPower’s new projects and a recent liquefied natural gas (LNG) deal are expected to improve its financial performance. AboitizPower's core net income rose to P33.7 billion in 2024, a 5 percent increase from the previous year. This growth is attributed to better results in both generation and distribution services.