Aboitiz Power

Last updated

AboitizPower
Type Public
PSE:  AP
Founded Philippines
February 13, 1998;25 years ago (1998-02-13)
HeadquartersNAC Tower, 32nd Street, Bonifacio Global City, Taguig, Metro Manila
RevenueDecrease2.svg ₱110.38 billion [1]  (2020)
Decrease2.svg ₱14.82 billion [1]  (2020)
Total assets Decrease2.svg ₱397.93 billion [1]  (2020)
Total equity Increase2.svg ₱127.16 billion [1]  (2020)
Parent Aboitiz Equity Ventures
Subsidiaries Davao 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.
Website https://aboitizpower.com/

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

Contents

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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]

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References

  1. 1 2 3 4 "Aboitiz Power Corporation Financial Reports", PSE Edge, retrieved April 15, 2021
  2. 1 2 "Aboitiz Power Corporation". edge.pse.com.ph. Retrieved July 27, 2019.
  3. 1 2 "Aboitiz Power to raise P8.4B from IPO". GMA News Online. Retrieved July 27, 2019.
  4. ↑ Rivas, Ralf (April 22, 2019). "Next AboitizPower CEO won't come from Aboitiz clan". Rappler. Retrieved July 27, 2019.
  5. 1 2 3 "Aboitiz Power shares close flat in PSE debut". philstar.com. Retrieved July 27, 2019.
  6. ↑ "AboitizPower, AEV report lower net earnings". Sunstar. May 2, 2019. Retrieved July 27, 2019.
  7. ↑ "Aboitiz Power taps GE for 'digital twin'". Manila Bulletin Business. Retrieved July 27, 2019.
  8. ↑ "AboitizPower putting up more solar rooftops". philstar.com. Retrieved July 27, 2019.
  9. ↑ Domingo, Ronnel W. (April 3, 2018). "As renewable energy becomes trendy, Aboitiz Power goes into solar roof business". business.inquirer.net. Retrieved July 27, 2019.
  10. ↑ "PSE OKs Aboitiz Power IPO". GMA News Online. Retrieved July 27, 2019.
  11. ↑ "Aboitiz teams up with Norwegian firm to bid for hydropower projects in RP". philstar.com. Retrieved July 27, 2019.
  12. ↑ "Floating solar project started in Magat Dam". Manila Standard. Retrieved July 27, 2019.
  13. ↑ "DA taps Aboitiz unit to build floating solar farms prototype". Manila Bulletin Business. Retrieved July 28, 2019.
  14. ↑ INQUIRER.net (July 8, 2019). "Isabela dam hosts floating solar panels". newsinfo.inquirer.net. Retrieved July 28, 2019.
  15. ↑ Lectura, Lenie (May 5, 2019). "Forces of darkness? - Lenie Lectura". BusinessMirror. Retrieved July 27, 2019.
  16. 1 2 Rivas, Ralf (April 15, 2019). "Power firms deny collusion allegations". Rappler. Retrieved July 27, 2019.
  17. ↑ "Aboitiz Power welcomes probe on alleged collusion in power sector". www.pna.gov.ph. Retrieved July 27, 2019.
  18. ↑ "DOE, gencos: Collusion didn't cause brownouts | DOE | Department of Energy Portal". www.doe.gov.ph. Retrieved July 27, 2019.
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