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Aboitiz Power

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]

Navotas Vocational Training & Assessment Institute

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 July 27, 2019.
  3. ^ a b "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. ^ a b c "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. ^ a b 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.