Aboitiz Power Corporation also known as AboitizPower (AP), a subsidiary of
Aboitiz Equity Ventures (AEV), is a holding company engaged in power distribution, generation and retail electricity services.
Background
Aboitiz Power Corporation was established on February 13, 1998.
The company is AEV's largest subsidiary, contributing 71% of its total income in the first three months of 2019, and holds all of its assets in generation and distribution of electricity.
The company's power generation unit is engaged in operations of solar, coal, oil, hydroelectric, and geothermal facilities.
On July 16, 2007, it became a publicly-listed company on the
Philippine Stock Exchange
The Philippine Stock Exchange, Inc. ( fil, Pamilihang Sapi ng Pilipinas; ) is the national stock exchange of the Philippines. The exchange was created in 1992 from the merger of the Manila Stock Exchange and the Makati Stock Exchange. Includin ...
with an initial public offering of 1.8 billion shares out of 7.2 billion registered common shares.
The company established the SN Aboitiz Power (SNAP), a joint venture with Norway-based company SN Power Invest AS, in 2005 with the goal of producing renewable energy. It introduced the floating solar farm, the method of putting solar panels on a body of water to lessen land use, in
Tawi-tawi
Tawi-Tawi, officially the Province of Tawi-Tawi ( tl, Lalawigan ng Tawi-Tawi; Tausug: ''Wilaya' sin Tawi-Tawi''; Sinama: ''Jawi Jawi/Jauih Jauih''), is an island province in the Philippines located in the Bangsamoro Autonomous Region in Muslim M ...
and
Magat Dam
Magat Dam is a large rock-fill dam in the island of Luzon in the Philippines. The dam is located along the Magat River, a major tributary of Cagayan River. The construction of the dam started in 1975 and was completed in 1982. It is one of the la ...
in
Isabela.
In April 2019, the
Philippine Competition Commission
The Philippine Competition Commission (PhCC) is an independent, quasi-judicial body formed to implement the Philippine Competition Act (Republic Act No. 10667). The PhCC aims to promote and maintain market competition within the Philippines by ...
(PCC), Energy Regulatory Commission, and the Senate Committee on Energy conducted separate probes on a series of power outages in
Luzon
Luzon (; ) is the largest and most populous island in the Philippines. Located in the northern portion of the Philippines archipelago, it is the economic and political center of the nation, being home to the country's capital city, Manila, as ...
that were said to be caused by alleged collusion among power firms as a way to increase electricity prices.
Power companies denied the claim, and Aboitiz Power Corporation stated that the said outages were "bad for business" and they were open to any investigation.
According to the
Department of Energy A Ministry of Energy or Department of Energy is a government department in some countries that typically oversees the production of fuel and electricity; in the United States, however, it manages nuclear weapons development and conducts energy-rel ...
, the outages were due to technical issues caused by old and new power plants, maintenance shutdown, and reduction of power rating of some facilities.
Subsidiaries
The company's subsidiaries include Aboitiz Energy Solutions Inc.,
Davao Light & Power Co. Inc.,
Cotabato Light & Power Co., Hijos de F. Escaño, Inc., Pampanga Energy Ventures Inc., San Fernando Electric Light and Power Co., Subic Enerzone Corp., and
Visayan Electric Co., Inc.
References
{{PSEi
Companies listed on the Philippine Stock Exchange
Electric power companies of the Philippines
Energy companies established in 1998
1998 establishments in the Philippines