Home Tags Victor Saulon

Tag: Victor Saulon

Meralco seeks ERC provisional approval of P21-B capex program

MANILA Electric Co. (Meralco) is asking provisional approval from the Energy Regulatory Commission (ERC) for its P21-billion capital expenditure program for 2019, the biggest component of which is the spending for the expansion of its advanced metering infrastructure.

Phinma Energy swings to net loss in April-June

PHINMA Energy Corp. on Wednesday reported a net loss attributable to equity holders of the parent firm of P91.57 million in the second quarter, reversing last year’s income of P221.87 million in the same quarter last year as revenues slipped while cost and expenses rose.

Palace preparing EO to speed up rural electrification

MALACAÑANG is preparing an executive order (EO) on how best to bring electricity to remote areas by the end of the Duterte administration’s term in 2022, an Department of Energy (DoE) official said.

DMCI profit hits P5 billion in Q2

DMCI Holdings, Inc. registered a net income of P5 billion in the second quarter, up by nearly 39% compared with the P3.6 billion posted a year ago, with most of its business segments performing well except for the power business.

Energy unit boosts Lopez Holdings’ second-quarter earnings

LOPEZ Holdings Corp. reported a net income of P1.03 billion in the second quarter, higher by 43% compared with year ago’s P721-million profit attributable to the equity holders of the parent firm, with the stable showing of its energy unit boosting the quarterly results.

Alsons swings to net loss in April-June

ALSONS Consolidated Resources, Inc. (ACR) swung to a P76-million net loss attributable to owners of the parent in the second quarter, a reversal of year ago’s net income of P50.47 million.

Water service interruptions announced

MAYNILAD WATER Services, Inc. will reduce water production because of the increase in turbidity at Ipo Dam resulting in increased sediment concentrations in the raw water it distributes, Metro Manila’s west zone concessionaire said on Tuesday.

Euro 2 diesel to go back on sale as measure to...

THE Department of Energy (DoE) has directed to oil companies to start selling diesel compliant with the Euro 2 standard, a step backward from previous moves to shift to the newer Euro 4, as an inflation-control measure.

AC Energy inks construction, financing deals to expand solar farm in...

AC ENERGY, Inc. and its Vietnamese partner have signed construction and financing deals to expand the capacity of their solar farm in Vietnam’s Ninh Thuan province to make it the biggest in Southeast Asia, its parent firm told the stock exchange on Monday.

Pilipinas Shell more than doubles earnings in April-June

PILIPINAS Shell Petroleum Corp. reported a net income of P3.12 billion in the second quarter, more than twice the P1.3 billion it recorded in the same period last year as the company posted a double-digit sales growth.

Lopez-led EDC’s recurring profit falls by 21% in first 6 months

ENERGY Development Corp. (EDC) recorded P4.1 billion in recurring net income attributable to equity holders of the parent firm in the first half, down 21% from year ago’s P5.2 billion.

MGen not keen on acquiring Ayala’s coal-fired power plants

MERALCO PowerGen Corp. (MGen) is not keen on acquiring the coal-fired power plants being offered by Ayala-led AC Energy, Inc., saying the company’s thrust is towards developing renewable energy.

PSALM to maintain billing formula for Ilijan plant amid SME dispute

POWER Sector Assets and Liabilities Management Corp. (PSALM) will continue billing San Miguel Corp. (SMC) based on their independent power producer administrator (IPPA) contract, until a court strikes down its billing method.

MGen says in talks with ADB, WB to construct merchant power...

MERALCO PowerGen Corp. (MGen) is in talks with multilateral lending agencies for a possible partnership in building merchant power plants to test the financing market that has been used to extend funding only to projects with approved power supply agreements.

PSALM preparing master plan for properties in Quezon City, Bagac

STATE-LED Power Sector Assets and Liabilities Management Corp. (PSALM) is preparing a master plan for two properties, including the lot on which the National Power Corp. (Napocor) holds office, to maximize the gains on the assets.

EDC delisting from PHL stock exchange

ENERGY Development Corp. (EDC) said its board of directors had approved on Wednesday the voluntary delisting of the Lopez-led company’s common shares from the main board of the Philippine Stock Exchange (PSE).

Phoenix Petroleum Q2 profit surges to P531M as revenues double

PHOENIX Petroleum Philippines, Inc. reported a 62% increase in net income to P531.11 million in the second quarter, as revenues more than doubled with the surge in sales volume.

Petron plans P20-B retail bond issuance

PETRON CORP. said on Wednesday its board of directors had approved the public offer and issuance of up to P20 billion worth of peso-denominated fixed income retail bonds from the oil company’s previously approved shelf registration of securities.

DoE identifies 6 regions to be opened for electrification ventures

THE Department of Energy (DoE) has identified six regions with electrification levels falling below 80% where private ventures will be encouraged to help bring power to barangays, sitios and households.

Meralco bills rising for 2nd straight month

CONSUMERS will see a P0.0265 per kilowatt-hour (/kWh) hike to P10.2190/kWh in their August electricity bills, Manila Electric Co. (Meralco) said on Tuesday.

Philippine business optimism slips but still SE Asia’s second best

BUSINESS OPTIMISM in the Philippines slipped last quarter as against the year-ago level, although the country was still second-best in Southeast Asia, according to new research from Grant Thornton.

Petron nets P9.5 billion in 6 months on higher petroleum prices

PETRON CORP. reported a 16% increase in net income to P9.5 billion in the first six months of 2018, as sales volumes in the Philippines and Malaysia were sustained while prices of petroleum products rose.

Renewables firms hoping to unify lobbying efforts

THE former chairman of the National Renewable Energy Board (NREB) will front an organization unifying the industry associations of renewable energy developers.

Manila Thermal Power site to be auctioned next week

THE Power Sector Assets and Liabilities Management Corp. (PSALM) has scheduled for next week an auction for the 20,975 square-meter former site of a thermal power plant in Manila.

P0.10 rollback on gas and diesel this week

OIL COMPANIES are rolling back the cost of petroleum products this week, although at a rate lower than the price increases in recent weeks.

Solar PHL plans foray into India

SOLAR PHILIPPINES Power Project Holdings, Inc. expects to seal a deal for its first solar energy project in India within the year.

Energy investors seek to retain perks amid TRAIN 2 streamlining

A NONPROFIT has asked legislators to modify certain provisions of a pending bill promoting energy efficiency to align it with the second phase of Republic Act 10963 or Tax Reform for Acceleration and Inclusion (TRAIN 2), which will repeal incentive provisions of an existing law.

PSALM denies blaming ERC for interest costs incurred

POWER Sector Assets and Liabilities Management Corp. (PSALM) said it is not blaming the Energy Regulatory Commission (ERC) for the interest cost it incurred in securing funding to pay maturing debt.

Alternergy seeks ERC approval for transmission line

ALTERNERGY Sembrano Wind Corp. (ASWC) is seeking regulatory approval for its plan to build a point-to-point transmission facility to connect its 81-megawatt (MW) wind power plant to the power line of the Manila Electric Co. (Meralco).

Water concessionaires seek to raise rates to fund P183-B capex

METRO MANILA’S two private water concessionaires plan to spend a combined P183.531 billion starting this year through 2022 for projects that will allow them to meet the requirements of their concession agreement, including service continuity and water security.

NEA 2019 budget cut but cites gains in electrification

THE National Electrification Administration (NEA) will be receiving from the national government a budget of P1.163 billion for next year, significantly lower than this year’s funding.

ERC orders additional data on deposits by power consumers

THE ENERGY Regulatory Commission (ERC) has directed distribution utilities to submit within 15 days documents relating to electricity consumers’ bill deposits, including the total amount collected, refunded and the balance remaining with them.

AEV’s first-half net income slips on forex losses

ABOITIZ EQUITY Ventures, Inc. (AEV) reported a first-half net income of P10.1 billion, lower by 2% compared with the P10.3 billion it recorded a year ago as the holding firm continued to suffer non-recurring foreign exchange losses on its dollar-denominated debt.

Solar Philippines offers lower price for electricity to Meralco

SOLAR PHILIPPINES Tarlac Corp. has offered to sell electricity to Manila Electric Co. (Meralco) at P2.34 per kilowatt-hour (kWh), challenging a previous offer from a competitor at P2.98 per kWh in a move that could become the latest benchmark in pricing solar energy.

No Boracay water rate adjustment, says Manila Water

WATER RATES in Boracay will not be adjusted after the decision of the island’s water regulator to discontinue the 14.34% decrease in the company’s foreign currency differential adjustment (FCDA), Manila Water Co., Inc. told the stock exchange on Wednesday.

MPIC looks to build LNG terminal

METRO PACIFIC Investments Corp. (MPIC) has joined local and foreign companies that have signified their intention to build a liquefied natural gas (LNG) import terminal ahead of the depletion of the country’s lone source of the fossil fuel — the Malampaya offshore gas field.

Foreign projects seen to raise AC Energy’s capacity

AYALA-LED AC Energy, Inc. expects 70% of its target 1,000-megawatt (MW) installed renewable energy capacity by 2020 to come from its foreign projects, including its investments in Vietnam, Indonesia and Australia, its top official said.

DoE gives up chair of PHL Electricity Market

THE Department of Energy (DoE) on Tuesday formally relinquished the chairmanship of the Philippine Electricity Market (PEM) board, paving the way for the assumption by an independent market operator (IMO) of the functions previously led by the Energy secretary over the country’s wholesale electricity spot market (WESM).

Meralco core profit up 7% on energy sales rise

MANILA Electric Co. (Meralco) said core profit was P5.93 billion in the second quarter, up 7.4% year-on-year, as the country’s biggest power distribution utility posted higher energy sales during the period.

Malampaya fund could be tapped in power bill savings

HOUSEHOLDS are set to save up to P2,033.76 a year on electricity payments if a plan to use the P204-billion Malampaya fund to reduce the universal charge materializes.

Hefty fuel price hike after drop last week

AFTER LAST week’s brief respite, consumers are faced this week with another hefty oil price increase, with gasoline prices posting the biggest increase at P1.15 per liter (/L).

SMC to ‘invest heavily’ in renewable energy

DIVERSIFIED conglomerate San Miguel Corp. (SMC) plans to build up to 10,000 megawatts (MW) of renewable energy facilities in the next 10 years, adding to its existing installed capacity coming mostly from traditional coal and gas power plants.

PetroEnergy expects slight profit dip

PETROENERGY Resources Corp. (PERC) is expecting a slightly lower net income for the first half of 2018 as its wind farm in Nabas, Aklan failed to match its performance during the same period last year, company officials said.

AboitizPower to issue retail bonds

ABOITIZ POWER Corp. said its board of directors had approved the issuance of fixed-rate retail bonds amounting to P27 billion out of the P30-billion bonds it had registered in 2017 under the shelf registration program of the Securities and Exchange Commission (SEC).

PXP Energy net loss widens to P32.8M

PXP ENERGY Corp. reported on Thursday a consolidated first-half net loss of P20.1 million attributable to equity holders of the parent firm, or bigger than the P11.3 million if incurred in the same period last year.