Aboitiz Power Corporation (AboitizPower) expects continued progress in 2025, bolstered by its business and operational achievements last year, which saw developments in its ambitious program to grow its renewable energy fleet by three times by 2030.
AboitizPower continues to prioritize operational excellence in its power plants, the development of new energy capacity, and the exploration of opportunities in its distribution and retail business, according to Chief Finance Officer Sandro Aboitiz.
The company cited the 159-MWp Laoag solar; the 17-MW Tiwi binary geothermal; the 45-MWp Armenia solar; and the 173-MWp Calatrava solar—all energy projects that went online in 2024—as accomplishments in its 10-year growth strategy of adding approximately 3,700 MW of new renewable energy capacity by decade’s end.
AboitizPower’s strong performance in 2024 was highlighted by the energization of the Armenia and Calatrava solar plants in the fourth quarter. The company plans to maintain its momentum and is excited to develop the next wave of renewable energy projects in 2025 and beyond.
AboitizPower will help contribute to the power supply as the Philippine economy continues to grow in the near term. The Company will drive impact through its portfolio of thermal, renewable energy, energy storage systems, and distribution, as well as from its retail electricity services segment.
AboitizPower emphasized that power plants and power networks are essential for driving the nation’s development. With the completion of major transmission projects like the Mindanao-Visayas Interconnection and the Cebu-Negros-Panay Backbone, the company noted that more generated power will be able to reach demand centres.
AboitizPower believes in a holistic approach to the Philippine energy transition, requiring all available and viable technologies on the table; from thermal, to renewable, to energy storage. Currently, the company still has over 1,000 MW of disclosed projects from various indigenous energy sources while constantly pursuing opportunities in solar, hydro, geothermal, wind, and energy storage systems.
Last year, AboitizPower’s Transition Business Group sustained multi-year best-in-class availability and reliability. Through a digital transformation program called “Project Arkanghel”, which is in partnership with Thai company REPCO NEX Industrial Solutions, AboitizPower aims to transform its thermal power plants into smart power plants, integrating digital twin technologies and asset monitoring systems to predict equipment failures and minimize the number of plant outages.
AboitizPower explained that the energy transition will necessitate thermal capacities to support variable renewable energy sources, ensuring both the affordability and security of the energy system.
In the first nine months of 2024, AboitizPower’s distribution utilities observed an increase in energy sales from residential, commercial and industrial customers, growing by 14% and 5%, respectively, year-on-year. This reflects the anticipated increase in electricity demand, a trajectory that will continue in the decades to come.
Collectively, AboitizPower’s EBITDA saw a 12% increase year-on-year to P56.09 billion in the first nine months of 2024. This is attributed to higher generation portfolio margins and the integration of additional capacities, as well as the growth in retail volume and increase in energy sales from the distribution utility business.
For three years in a row, AboitizPower also received a Golden Arrow Award, which marks its compliance with corporate government standards and favourable standing with international best practices. For the 2023 ASEAN Corporate Governance Scorecard, the company was accorded a 3-arrow recognition.
AboitizPower stated that the award recognizes their efforts to maintain transparency, accountability, and ethical business standards, reflecting the team’s dedication to upholding the highest corporate governance standards. The company emphasized its commitment to transforming energy for a better world by delivering strong performances across business segments, creating positive impacts in host communities, and minimizing environmental harm.
AboitizPower, along with the rest of the Aboitiz Group has long upheld ESG strategies—or environmental, social, and governance—in its operations, spanning decades of aspiring and being recognized as role models of environmental stewardship, social responsibility, good governance, and corporate citizenship.
