AboitizPower takes over power barge

ABOITIZ Power, through wholly owned subsidiary Therma Marine Inc. (TMI), last Saturday assumed ownership of PB 118, a 100-megawatt (MW) power barge moored at Bgy. San Roque, Maco, in Compostella Valley, Mindanao.

The bunker-fired generating facility is one of two power barges acquired by AboitizPower after it won a negotiated bid conducted by the Power Sector Assets and Liabilities Management Corp. on July 31, 2009.

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The total purchase price for both facilities is $30 million. PB 117, also with a generating capacity of 100 MW, is moored at Nasipit, Agusan del Norte and scheduled for turnover on March 1.

TMI has an ancillary services procurement agreement with the National Grid Corp. of the Philippines to support the running of the plant. The agreement is subject to approval by the Energy Regulatory Commission.

AboitizPower president and chief executive officer Erramon Aboitiz said, “With PB 118, we provide ancillary services for Mindanao but still have power available for sale to utilities and cooperatives in the area.”

Notwithstanding the full operation of PB 118, which was commissioned in August 1994, Mindanao will still continue to suffer rotating brownouts due to low water levels at Lake Lanao, the main source of power for the Mindanao grid.

AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, retail and power services.

It is a major producer of renewable energy in the country with several hydroelectric and geothermal assets in its generation portfolio. The non-renewable portfolio consists of plants throughout the country. The distribution utilities it owns are located in Luzon, Visayas and Mindanao. (PR)