ABOITIZ Power Corp. (AboitizPower) has laid out its plans to beef up its renewable energy (RE) capacity to nearly 2,000 megawatts (MW) in a move to balance its power generation portfolio.
It has also joined the throng of companies seeking to develop new gas plants in the Philippines.
AboitizPower President and Chief Executive Officer Emmanuel Rubio said in a virtual briefing the listed firm intends to grow its renewable portfolio from “around 940 (megawatts) to close to 1,800 megawatts (MW).”
“We have land bank, we have met masts for wind that are installed in three locations, and we have a number of run-of-river hydros in the pipeline,” Rubio said on Wednesday.
Rubio also told reporters that AboitizPower is looking at making gas investments.
The listed firm “actually organized a team to look into gas as a serious option for our baseload strategy,” said Rubio. “Since the middle of last year, we saw the trend in terms of the forward curves for cost of gas getting to be more and more competitive.”
He also said “gas is part of our strategy moving forward,” adding the Philippines would require baseload capacities anywhere from 680 to 750 MW year-on-year.
AboitizPower already surpassed its target of 4,000 MW attributable capacity this year with the ownership of GNPower Dinginin Ltd. Co. (GNPD) that would build the 2×668-MW supercritical coal-fired power plant located in Mariveles, Bataan.
Unit 1 of the Bataan coal facility is scheduled to commence commercial operations by the second quarter of 2021, while Unit 2 will begin commercial operations by the third quarter of 2021.
AboitizPower has set its eyes on aggressively expanding its Cleanergy portfolio in the next 10 years, with the goal of shifting its overall energy mix into almost 50:50 Thermal and Cleanergy capacities by 2030.
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