The joint venture of Aboitiz Power Corp and Statkraft Norfund Power Invest AS of Norway has broken ground for a new hydropower project in the provinces of Ifugao and Isabela.
In a disclosure to the Philippine Stock Exchange, AboitizPower said unit SN Aboitiz Power-Magat Inc (SNAP-Magat) and the National Irrigation Administration have commenced with the improvement of the latter's Maris Reservoir located between the said provinces.
The project aims to increase the storage capacity of the Maris Reservoir, which is used to irrigate nearby farmlands, and use the same for power generation subject to release protocols.
Emmanuel V. Rubio, SNAP president, earlier said the company aims to draw an additional 7 megawatts (MW) from the Maris Reservoir project, which is estimated to cost between $2.5 million and $3.5 million per MW to put up.
Work is scheduled to begin in January for completion by first quarter of 2016.
The Mariz Reservoir project would optimize releases from SNAP-Magat's 380-megawatt (MW) Magat hydropower plant.
Besides the project, the joint venture also plans to expand the Magat plant by another 115 MW once given the go signal by regulators.
The proposed expansion involves the use of the Magat Dam's provision for two additional penstocks or water intake gates; and the installation of a pump storage to generate additional electricity.
- Interaksyon
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Showing posts with label AP. Show all posts
Showing posts with label AP. Show all posts
Tuesday, November 4, 2014
Saturday, June 14, 2014
Aboitiz-Ayala tandem tops bidding for Cavite-Laguna Expressway Project
The joint venture of Ayala Corp and Aboitiz Equity Ventures has topped the bidding for the P34.5 billion Cavite-Laguna Expressway (CALAX) Project.
During the opening of bids held today at the Department of Public Works and Highways (DPWH), Team Orion submitted the highest bid of P11.65 billion.
Team Orion's bid narrowly beat the P11.33-billion offer of MPCALA Holdings, a unit of Metro Pacific Investments Corp (MPIC). MTD Capital Berhad, the Malaysian group that built the Skyway, submitted an offer of P922 million.
Only three groups participated in the bidding after the DPWH disqualified Optimal Infrastructure Development Inc (OIDI), a unit of San Miguel Corp, because of a defective bid security.
Optimal Infrastructure would have won the bid after authorized representative Raoul Eduardo C. Romulo said it offered P20.105 billion for the project.
San Miguel had said its disqualification would come at the expense of the public, citing its aggressive bids, such as the P11-billion for the NAIA Expressway Project, which the company bagged. The conglomerate yesterday said it may seek court redress.
MPCALA had written DPWH to point out that OIDI didn't comply with bidding rules, alleging that the bid security had an invalid period and that the proposal was "not properly packaged, sealed and labeled."
The P35.4-billion CALAX involves the financing, design, construction, operation and maintenance of a four-lane, 47-kilometer closed-system toll expressway connecting the Cavite Expressway (CAVITEX) and the Southern Luzon Expressway (SLEX).
- Interaksyon
Monday, May 19, 2014
Aboitiz Group eyes power, food ventures abroad
The Aboitiz Group plans to bring its power generation and food businesses outside the Philippines.
In a press briefing today, Aboitiz Equity Ventures Inc (AEV) president Erramon Aboitiz said unit Aboitiz Power Corp is looking at Papua New Guinea and Indonesia for expansion.
"We're looking at different sources. We are looking at geothermal, hydro," Aboitiz said.
The conglomerate is looking at buying into or rehabilitating an operating asset instead of building a power plant from scratch, he said.
“PNG, they have a plant that they are bidding out. I don't know what's happening there right now. We're looking at Indonesia. We are talking to some partners. But so far, we don't have anything firm,” Aboitiz said.
AboitizPower is among the three biggest players in the local power generation space along with the Lopezes and San Miguel Corp.
For its part, Pilmico Foods Corp president Sabin Aboitiz said the food unit of AEV is also eyeing acquisitions as a template for expansion, capitalizing on the opportunities presented by the Asean economic integration.
"We want to expand our markets and not only rely on the Philippines. The flour in Asean is tax-free. They are coming to the country and we need to be able to go to their markets to be able to balance it," he said.
Pilmico completed its first flour shipment to Vietnam last December. It is also opening an office in Indonesia by end-May or early June, after which it will also make its foray to Thailand.
AEV suffered a 29 percent year-on-year decline in earnings to P4.9 billion in the first quarter of the year, dragged by the weakness of its power and banking units.
For this year, AEV is allocating P88 billion for its capital expenditures, higher than the budgeted capex of P59 billion in 2013.
AboitizPower will account for P80 billion of the total spending. It will be earmarked for greenfield and brownfield projects that will increase its power generation capacity by 2,000 megawatts over the next five years.
In a press briefing today, Aboitiz Equity Ventures Inc (AEV) president Erramon Aboitiz said unit Aboitiz Power Corp is looking at Papua New Guinea and Indonesia for expansion.
"We're looking at different sources. We are looking at geothermal, hydro," Aboitiz said.
The conglomerate is looking at buying into or rehabilitating an operating asset instead of building a power plant from scratch, he said.
“PNG, they have a plant that they are bidding out. I don't know what's happening there right now. We're looking at Indonesia. We are talking to some partners. But so far, we don't have anything firm,” Aboitiz said.
AboitizPower is among the three biggest players in the local power generation space along with the Lopezes and San Miguel Corp.
For its part, Pilmico Foods Corp president Sabin Aboitiz said the food unit of AEV is also eyeing acquisitions as a template for expansion, capitalizing on the opportunities presented by the Asean economic integration.
"We want to expand our markets and not only rely on the Philippines. The flour in Asean is tax-free. They are coming to the country and we need to be able to go to their markets to be able to balance it," he said.
Pilmico completed its first flour shipment to Vietnam last December. It is also opening an office in Indonesia by end-May or early June, after which it will also make its foray to Thailand.
AEV suffered a 29 percent year-on-year decline in earnings to P4.9 billion in the first quarter of the year, dragged by the weakness of its power and banking units.
For this year, AEV is allocating P88 billion for its capital expenditures, higher than the budgeted capex of P59 billion in 2013.
AboitizPower will account for P80 billion of the total spending. It will be earmarked for greenfield and brownfield projects that will increase its power generation capacity by 2,000 megawatts over the next five years.
Tuesday, May 6, 2014
Aboitiz Power Corporation: Upgrading to BUY on improving earnings outlook
We are raising our earnings forecast on AP by 4.3% to Php15.8 Bil in 2014E and by 4.4% to Php20.2 Bil in 2014E after factoring in the lower than expected steam cost of the Tiwi-Makban plant and the first time earnings contribution of the newly won 246MW Therma Mobile diesel plants. Based on our estimates, the Cebu coal plant coupled with the Therma Mobile diesel plants and the savings from the lower than expected steam cost will boost AP’s FV estimate by 18.8% to Php44.3/sh, warranting an upgrade in our recommendation from a HOLD to a BUY.
Raising estimates for Tiwi-Makban on lower than expected steam cost. We are reducing our average steam pricing assumption for the Tiwi-Makban by 13.8% to Php2.02/kwh due to the continuous weakness in regional coal prices. This led to a 19.8% reduction in our steam cost estimate for the Tiwi-Makban to Php5.8Bil. In light of the new steam cost estimates, we are raising our 2014E and 2015E EBITDA forecast for the Tiwi-Makban by 17.8% to Php6.4Bil.
New Cebu coal plant to boost NAV by Php1.91/sh. AP’s management said that it will push through with the 300MW Cebu coal plant project. Assuming a total project cost of US$2Mil/MW, capacity factor sold of 80%, and gross margin of Php3.1/kwh, we estimate that this project could generate Php2.9Bil in earnings annually, equivalent to 14.4% of AP’s FY13E earnings. The new project would also boost AP’s NAV by Php1.91/sh, representing 4.3% of our current NAV estimate. The new Cebu Coal project, together with other new coal plant projects such as the 300MW Davao coal plant, and the 400MW Pagbilao coal expansion project, will boost the long term earnings growth of AP.
Therma Mobile to boost NAV by Php1.13/sh. AP won the bid for the 246MW Navotas barges (under AP’s wholly owned subsidiary, Therma Mobile) on July 2011. Half of the 246MW capacity began operations in 4Q13 after two years of rehabilitation works, with the remaining half scheduled to start operations in 2Q14. We expect the power barges to generate ~ Php470Mil in earnings annually representing 2.3% of AP’s FY13 net income. Therma Mobile would also boost AP’s NAV by Php1.13/sh, representing 2.5% of our current NAV estimate.
- Col Financial
Raising estimates for Tiwi-Makban on lower than expected steam cost. We are reducing our average steam pricing assumption for the Tiwi-Makban by 13.8% to Php2.02/kwh due to the continuous weakness in regional coal prices. This led to a 19.8% reduction in our steam cost estimate for the Tiwi-Makban to Php5.8Bil. In light of the new steam cost estimates, we are raising our 2014E and 2015E EBITDA forecast for the Tiwi-Makban by 17.8% to Php6.4Bil.
New Cebu coal plant to boost NAV by Php1.91/sh. AP’s management said that it will push through with the 300MW Cebu coal plant project. Assuming a total project cost of US$2Mil/MW, capacity factor sold of 80%, and gross margin of Php3.1/kwh, we estimate that this project could generate Php2.9Bil in earnings annually, equivalent to 14.4% of AP’s FY13E earnings. The new project would also boost AP’s NAV by Php1.91/sh, representing 4.3% of our current NAV estimate. The new Cebu Coal project, together with other new coal plant projects such as the 300MW Davao coal plant, and the 400MW Pagbilao coal expansion project, will boost the long term earnings growth of AP.
Therma Mobile to boost NAV by Php1.13/sh. AP won the bid for the 246MW Navotas barges (under AP’s wholly owned subsidiary, Therma Mobile) on July 2011. Half of the 246MW capacity began operations in 4Q13 after two years of rehabilitation works, with the remaining half scheduled to start operations in 2Q14. We expect the power barges to generate ~ Php470Mil in earnings annually representing 2.3% of AP’s FY13 net income. Therma Mobile would also boost AP’s NAV by Php1.13/sh, representing 2.5% of our current NAV estimate.
- Col Financial
Thursday, April 24, 2014
AboitizPower extends operations of 2 power barges in Mindanao
Aboitiz Power Corp has extended the operations of its power barges in Mindanao, which continues to suffer from a shortage.
In a statement, AboitizPower said subsidiary Therma Marine Inc (TMI) reported that its power barges have been running close to 24 hours on a daily basis.
"We are ensuring our customers we have enough fuel supply to meet the power supply requirements of our customers especially this summer," Therma Marine president and chief operating officer Jovy P. Batiquin said. "We want to be able to respond to our customers when they are in need of additional power supply."
Some 22 electric cooperatives and distribution utilities have power supply contracts with the AboitizPower subsidiary and have called on Therma Marine to fill in the supply gap created by a combination of power plant repairs and precarious water levels in Lake Lanao because of the summer heat.
Although the extended running hours will pull closer the scheduled maintenance schedule of the barges, Batiquin assured customers that the preventive maintenance work will not be scheduled until the Steag State Power coal plant, which is under repair, comes online as announced next month.
Therma Marine's maintenance schedule is based on its operating hours and is a critical activity to prevent the power plant from more damaging unscheduled interruptions.
Therma Marine operates two floating power barges in Maco, Compostela Valley and in Nasipit, Agusan del Norte. The two barges have a combined 200 megawatts.
Used as peaking plants, Therma Marine's barges have been operating lately as more of baseload plants to mitigate Mindanao's power shortage.
- Interaksyon
In a statement, AboitizPower said subsidiary Therma Marine Inc (TMI) reported that its power barges have been running close to 24 hours on a daily basis.
"We are ensuring our customers we have enough fuel supply to meet the power supply requirements of our customers especially this summer," Therma Marine president and chief operating officer Jovy P. Batiquin said. "We want to be able to respond to our customers when they are in need of additional power supply."
Some 22 electric cooperatives and distribution utilities have power supply contracts with the AboitizPower subsidiary and have called on Therma Marine to fill in the supply gap created by a combination of power plant repairs and precarious water levels in Lake Lanao because of the summer heat.
Although the extended running hours will pull closer the scheduled maintenance schedule of the barges, Batiquin assured customers that the preventive maintenance work will not be scheduled until the Steag State Power coal plant, which is under repair, comes online as announced next month.
Therma Marine's maintenance schedule is based on its operating hours and is a critical activity to prevent the power plant from more damaging unscheduled interruptions.
Therma Marine operates two floating power barges in Maco, Compostela Valley and in Nasipit, Agusan del Norte. The two barges have a combined 200 megawatts.
Used as peaking plants, Therma Marine's barges have been operating lately as more of baseload plants to mitigate Mindanao's power shortage.
- Interaksyon
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