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Petron income falls to P2.3B

PETRON CORP., the country’s largest oil refiner, reported a consolidated net income of P2.3 billion last year, down 67% from the earlier year after the company’s refining business incurred losses in part because of low production.

AEV income slips as power business segment falters

ABOITIZ Equity Ventures, Inc. (AEV) reported on Tuesday a 1% dip in net income to P22 billion for 2019, as its top contributing power business recorded a double-digit profit decline after last year’s power outages.

SMC’s Ang offers full payment for Ilijan plant to support PSALM

THE president of diversified conglomerate San Miguel Corp. (SMC) has offered to pay in full the capacity charges for its 1,200-megawatt (MW) Ilijan power plant amounting to P22.68 billion, more than two years ahead of schedule.

PECO seeks ERC to reconsider revocation of authority to operate

PANAY Electric Co., Inc. (PECO) has asked the Energy Regulatory Commission (ERC) to permit the distribution utility’s continued operation in Iloilo City while the area transitions to a new franchise holder, after the regulator revoked PECO’s authority to do so.

First Gen seeks DoE nod to build LNG import terminal

FIRST GEN Corp. said its subsidiary had applied for regulatory permit to start constructing an offshore terminal for liquefied natural gas (LNG) within its energy complex in Batangas City.

ERC approves Meralco’s solar power supply deal

THE Energy Regulatory Commission (ERC) has approved the power supply agreement (PSA) jointly applied for by the country’s largest power distribution utility Manila Electric Co. (Meralco) and Solar Philippines Tanauan Corp. (SPTC).

SM Investments income up 20% as businesses post strong growth

SM INVESTMENTS Corp. posted a 20% rise in net income last year to P44.6 billion as its business segments performed strongly to boost revenues, the Sy-led company told the stock exchange on Friday.

Belle net income falls 9.6%

BELLE Corp. reported a 9.6% decrease in consolidated net income last year to P2.92 billion as the company recorded a double-digit fall in revenues with the impact of small-town lottery operations on its business of leasing online betting equipment.

PSALM refutes SMC claim about non-billing of nearly P24B payables

STATE-LED Power Sector Assets and Liabilities Management Corp. (PSALM) has refuted the claim of San Miguel Corp. (SMC) that it has not been billed by the agency for a subsidiary’s supposed P23.94 billion payables, saying it has proof showing receipt of demand letters.

Ayala unit funds acquisition of Ilocos Norte wind farm

AC Energy Philippines, Inc. is subscribing to the shares of Giga Ace 1, Inc. to allow the subsidiary to fund its acquisition of the ownership interest of an equity fund in a wind farm in Ilocos Norte.

Transparency on power plant outages sought by consumer group

POWER generation companies must disclose their plant maintenance schedule for this year until 2022 to fully inform the public, a consumer advocacy group said after the Energy department warned of a possible electricity supply shortfall during the summer months.

Meralco core income up 6.3%

MANILA Electric Co. (Meralco) reported a 6.3% growth in 2019 core net income to P23.83 billion as the power distribution utility recorded strong energy sales with the steady electricity usage by customers in online casinos and business outsourcing firms.

SMC to PSALM: allow courts to decide dispute

SAN MIGUEL Corp. (SMC) told Power Sector Assets and Liabilities Management Corp. (PSALM) on Monday to stick to the facts and let the courts decide on the claim by the state-led agency that a unit of the conglomerate owes the government P23.94 billion.

DoE planning energy complex at Chevron site in Batangas

THE Department of Energy (DoE) is looking at converting the property in Batangas being leased by the Philippine unit of Chevron Corp. into what its top official called an “energy city” which will house a liquefied natural gas (LNG) facility, among others.

Nuclear still on the table pending Palace ruling

THE Department of Energy (DoE) has not given up on its goal of making nuclear energy one of the country’s power sources despite Malacañang’s recent directive for government agencies to focus on projects that can be completed by 2022.

Power industry warns of tight supply during dry months

THE National Grid Corp. of the Philippines (NGCP) and the Independent Electricity Market Operator of the Philippines, Inc. (IEMOP) separately raised concerns yesterday about power supply in May.

PCC clears sale of San Carlos plant to Ayala unit

AC ENERGY Philippines, Inc. said on Wednesday that the Philippine Competition Commission (PCC) had approved the Ayala-led company’s acquisition of a solar farm in Negros Occidental from a group of investors that include a state-led insurer.

West zone’s Maynilad earmarks P10 billion for new Laguna Lake water...

MAYNILAD Water Services, Inc. is setting aside P10 billion to build a third treatment plant for raw water sourced from Laguna Lake, the company said on Tuesday.

Ayala company acquires 75% interest in offshore Palawan service contract

ACE Enexor, Inc. has acquired a 75% interest in an offshore exploration contract in Palawan after Energy department approved the assignment by one of the partners of its stake to the Ayala-led company.

Power co-ops advised on shortages in April, May

THE National Electrification Administration (NEA) told electric cooperatives (ECs) to prepare for possible rotational brownouts in April and May when the power supply deficiency is projected to reach up to 821 megawatts (MW) in Luzon.

Ayala Land income up 13% in 2019

AYALA LAND, Inc. (ALI) reported a 13% increase in net income last year to P33.2 billion after a single-digit growth in revenues that was driven by sales of office, commercial and industrial lots, the listed property company said on Friday.

Vivant ventures into sewerage project in Palawan

A UNIT of Vivant Corp. has acquired a 45% stake in a company that is jointly developing with a local government a combined sewerage and septage facility for Puerto Princesa City in Palawan province.

Sta. Lucia board approves joint ventures, land purchases

STA. LUCIA LAND, Inc. said on Friday that its board of directors had approved three joint venture projects to develop areas in Luzon and the acquisition of 10 parcels of land, including two in Mindanao.

STI Holdings income up 10%

STI Education Systems Holdings, Inc. reported a third-quarter net income of P152.6 million, up 10% compared with what it earned in the same period a year earlier. 

SCG posts 32% 4th quarter profit decline, sets transformation plan

SIAM CEMENT Group Public Co. Ltd. (SCG) reported a 32% fall in fourth-quarter profit to $229 million or P11.95 billion after the decline in its chemical business amid trade war concerns and market volatility that resulted in lower margins.

Maynilad invests P41 billion in west zone to expand wastewater services

MAYNILAD Water Services, Inc. has spent more than P41 billion to improve and expand its wastewater services since the government privatized the operation of Metro Manila’s water services in 1997, the west zone concessionaire said on Tuesday.

First Gen board approves capital hike to P13.2 billion

LOPEZ-LED First Gen Corp. said on Tuesday that its board of directors had approved the increase in its authorized capital stock to P13.2 billion from P11.6 billion by creating redeemable preferred shares.

Landfill limitations seen as cue for WTE

WASTE LEVELS are estimated at nearly 22 million tons next year, growing 4% from current levels, making waste-to-energy facilities a “compelling” option, an environment official said.

ERC defers new secondary cap on power price spikes

THE Energy Regulatory Commission (ERC) is in no rush to set a new secondary price cap that limits the spike in energy prices at the wholesale electricity spot market (WESM), saying more pressing matters needed faster resolution.

Households may see lower power bills in February

TYPICAL HOUSEHOLDS can expect a P118 cut in their monthly bills for February after new power supply deals helped bring down the cost of electricity, the country’s largest distribution utility said on Thursday.

ERC braces for tight power supply during summer months

THE Energy Regulatory Commission (ERC) has reminded power generation companies, including those that are required to invite competitive bidders for their output, to continue operating in the face of an expected tight supply around April and May.

Antitrust watchdog clears Ayala acquisition of group behind Pagudpud wind farm

AYALA-LED AC Energy Philippines, Inc. said on Wednesday that it had received the decision of the antitrust watchdog clearing its acquisition of the shares of a company with an energy project in Ilocos Norte.

Natural gas import projects slow out of the gate — Fitch...

DECLINING PRODUCTION from the Malampaya deepwater gas project has left the Philippines needing to import liquefied natural gas (LNG), but projects to allow the fuel to come in are facing delays, Fitch Solutions Macro Research said.

Bill collection of ‘stranded’ power costs ends in Feb.

THE Power Sector Assets and Liabilities Management Corp. (PSALM) will cease collecting the P0.0543 per kilowatt-hour (kWh) universal charge for stranded contract costs (UC-SCC) starting this month, the government agency said.

Vivant allots at least P1B for energy projects this year, expects...

THE energy unit of Vivant Corp. is setting aside at least P1 billion in capital expenditure this year as it plans to bid for power generation projects in off-grid areas, including those in Palawan.

Manila Water board approves capital increase to P4.4B

Ayala-led Manila Water Co., Inc. is raising its authorized capital stock to P4.4 billion or an equivalent increase of 900 million common shares, which is the same number of shares it is carving out “for cash, properties, or assets” to carry out its business.

New round of bidding set for Malaya power plant

A THIRD round of public bidding has been set for the 650-megawatt (MW) Malaya thermal power plant in Rizal, the state agency tasked to privatize government energy assets said on Friday, after previous rounds resulted in failed bids.

Maynilad picks Consunji-led firm for 150-MLD water treatment plant

MAYNILAD Water Services, Inc. has chosen a consortium led by a unit of DMCI Holdings, Inc. to build a 150-million-liters-per-day (MLD) plant that will treat water from Laguna Lake, a company related to the water concessionaire said.

June seen as crunch time for power industry demand

POWER DEMAND in 2020 is expected to peak in June at around 14,191 megawatts (MW), reflecting heavy usage towards the tail end of the dry season, the Independent Electricity Market Operator of the Philippines, Inc. (IEMOP) said.

Local firm, Singapore partners plan six waste-to-energy projects

ASIA PACIFIC Renewable Energy Solutions, Inc., a Makati-based company specializing in waste-to-energy projects using technology from Singapore, is looking at six areas in the Philippines to build facilities that will process garbage into electricity.

AboitizPower to issue nearly P10B in fixed rate retail bonds

THE board of directors of Aboitiz Power Corp. (AboitizPower) has approved the issuance of up to P9.55 billion in fixed-rate retail bonds out of the P30-billion bonds registered in 2017 under the shelf registration program of the Securities and Exchange Commission, it told the stock exchange on Tuesday.

Meralco unit Spectrum to double its installed power capacity this year

THE renewable energy subsidiary of Manila Electric Co. (Meralco) is targeting to double its installed capacity this year and reach a total of 40 megawatts (MW), as more residential customers turn to solar rooftop systems to power their homes.

PXP Energy says drilling starts in Peru exploration well

PXP Energy Corp. said on Tuesday that drilling had started for an exploration well in Peru in which it has participating interest.

Energy regulator approves reduction in feed-in tariff allowance

THE Energy Regulatory Commission (ERC) said Tuesday that it approved a feed-in tariff allowance (FiT-All) of P0.0495 per kilowatt-hour (kWh), or lower than what was applied for by the government corporation that handles the collected amount from consumers.

LGU role in solid waste a hurdle in waste-to-energy projects

A BILL outlining the regulatory regime for waste-to-energy facilities is encountering various hurdles because local governments, which are now responsible for managing solid waste, may not have the resources to pursue such projects.