ABOITIZ Power Corp.'s generation business made a significant contribution to its earnings in the first half of 2010. Year-on-year (YOY) figures show that its generation portfolio accounted for 96 percent of its earnings, which is up by 696 percent YOY at P12.7 billion.
The company has increased its generation capacity for the first half of the year, with the start of operations of its renewable energy facilities such as the Sibulan Hydropower Plant in Davao.
"The Sibulan Hydropower Plant has been a big help to the region. It is currently providing 42.5 MW (megawatts) of much needed power to the Mindanao grid," said Rene B. Ronquillo, president and COO of Hedcor, Inc., the wholly owned subsidiary of Aboitiz Power that operates the Sibulan hydropower plants as well as the five mini-hydropower plants in Talomo, Davao City.
Aboitiz Power's power distribution business, meanwhile, likewise increased from 1,603 GWh to 1,753 GWh.
The company operates the largest distribution utility in Mindanao, Davao Light & Power Company, which is also the third largest distribution utility in the entire country. It has close to 270,000 customers, with 22 distribution substations and two subtransmission substations in its franchise area.
Earlier this year, Davao Light & Power Company was forced to run its back-up power plant to provide the much-needed power to the Mindanao grid.