Aboitiz Power

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Aboitiz Power
TypePublic
PSE: AP
FoundedPhilippines
February 13, 1998; 24 years ago (1998-02-13)
HeadquartersNAC Tower, 32nd Street, Bonifacio Global City, Taguig, Metro Manila
RevenueDecrease ₱110.38 billion[1] (2020)
Decrease ₱14.82 billion[1] (2020)
Total assetsDecrease ₱397.93 billion[1] (2020)
Total equityIncrease ₱127.16 billion[1] (2020)
ParentAboitiz Equity Ventures
SubsidiariesDavao Light and Power Company
Visayan Electric Company>
Cotabato Light and Power Company
Hijos de F. Escaño, Inc.
Pampanga Energy Ventures Inc.
San Fernando Electric Light and Power Co.
Subic Enerzone Corp.
Websitehttps://aboitizpower.com/

Aboitiz Power Corporation also known as Aboitiz Power (AP), a subsidiary of Aboitiz Equity Ventures (AEV), is a holding company engaged in power distribution, generation and retail electricity services.[2][3][4]

Background[]

Aboitiz Power Corporation was established on February 13, 1998.[2] The company is AEV's largest subsidiary, contributing 71% of its total income in the first three months of 2019, and holds all of its assets in generation and distribution of electricity.[3][5][6] The company's power generation unit is engaged in operations of solar, coal, oil, hydroelectric, and geothermal facilities.[7][8][9]

On July 16, 2007, it became a publicly-listed company on the Philippine Stock Exchange with an initial public offering of 1.8 billion shares out of 7.2 billion registered common shares.[5][10]

The company established the SN Aboitiz Power (SNAP), a joint venture with Norway-based company SN Power Invest AS, in 2005 with the goal of producing renewable energy.[11][12] It introduced the floating solar farm, the method of putting solar panels on a body of water to lessen land use, in Tawi-tawi and Magat Dam in Isabela.[13][14]

In April 2019, the Philippine Competition Commission (PCC), Energy Regulatory Commission, and the Senate Committee on Energy conducted separate probes on a series of power outages in Luzon that were said to be caused by alleged collusion among power firms as a way to increase electricity prices.[15][16] Power companies denied the claim, and Aboitiz Power Corporation stated that the said outages were "bad for business" and they were open to any investigation.[16][17] According to the Department of Energy, the outages were due to technical issues caused by old and new power plants, maintenance shutdown, and reduction of power rating of some facilities.[18]

Subsidiaries[]

The company's subsidiaries include Aboitiz Energy Solutions Inc., Davao Light & Power Co. Inc., Cotabato Light & Power Co., Hijos de F. Escaño, Inc., Pampanga Energy Ventures Inc., San Fernando Electric Light and Power Co., Subic Enerzone Corp., and Visayan Electric Co., Inc.[5]

References[]

  1. ^ a b c d "Aboitiz Power Corporation Financial Reports", PSE Edge, retrieved April 15, 2021
  2. ^ a b "Aboitiz Power Corporation". edge.pse.com.ph. Retrieved 2019-07-27.
  3. ^ a b "Aboitiz Power to raise P8.4B from IPO". GMA News Online. Retrieved 2019-07-27.
  4. ^ Rivas, Ralf. "Next AboitizPower CEO won't come from Aboitiz clan". Rappler. Retrieved 2019-07-27.
  5. ^ a b c "Aboitiz Power shares close flat in PSE debut". philstar.com. Retrieved 2019-07-27.
  6. ^ "AboitizPower, AEV report lower net earnings". Sunstar. 2019-05-02. Retrieved 2019-07-27.
  7. ^ "Aboitiz Power taps GE for 'digital twin'". Manila Bulletin Business. Retrieved 2019-07-27.
  8. ^ "AboitizPower putting up more solar rooftops". philstar.com. Retrieved 2019-07-27.
  9. ^ Domingo, Ronnel W. "As renewable energy becomes trendy, Aboitiz Power goes into solar roof business". business.inquirer.net. Retrieved 2019-07-27.
  10. ^ "PSE OKs Aboitiz Power IPO". GMA News Online. Retrieved 2019-07-27.
  11. ^ "Aboitiz teams up with Norwegian firm to bid for hydropower projects in RP". philstar.com. Retrieved 2019-07-27.
  12. ^ "Floating solar project started in Magat Dam". Manila Standard. Retrieved 2019-07-27.
  13. ^ "DA taps Aboitiz unit to build floating solar farms prototype". Manila Bulletin Business. Retrieved 2019-07-28.
  14. ^ INQUIRER.net. "Isabela dam hosts floating solar panels". newsinfo.inquirer.net. Retrieved 2019-07-28.
  15. ^ Lectura, Lenie (2019-05-05). "Forces of darkness? - Lenie Lectura". BusinessMirror. Retrieved 2019-07-27.
  16. ^ a b Rivas, Ralf. "Power firms deny collusion allegations". Rappler. Retrieved 2019-07-27.
  17. ^ "Aboitiz Power welcomes probe on alleged collusion in power sector". www.pna.gov.ph. Retrieved 2019-07-27.
  18. ^ "DOE, gencos: Collusion didn't cause brownouts | DOE | Department of Energy Portal". www.doe.gov.ph. Retrieved 2019-07-27.
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