Aboitiz bent on increasing power generation to meet the growing demand
Aboitiz set to double power generation capacity to 9.2 GWs by 2030
MANILA – Aboitiz Power hopes to recover from what has been described as “humbling experience” last year due to the COVID-19 pandemic.
Speaking virtually before the Tuesday Breakfast Club, Carlos Aboitiz, Chief Corporate Services Officer of AboitizPower, said they remain confident to deliver on their long-term mission to continue to power businesses, communities and the aspirations of their stakeholders.
“We have set ourselves a goal to double our power generation capacity by 2030 to 9.2 GWs. To support a balanced and more sustainable future, we aim to grow our renewable energy fleet almost four-fold or by 3.5 GWs during the same period,” he said.
He explained they face “mounting challenges” to increase power supply to meet the demand of a fast-growing economy.
“Recent yellow and red alerts remind us of a not-too-distance past, in the 90s, if some of you remember where brownouts drippled the economy,” he added as he committed to answer the government’s call to build new generation capacity to keep the economy growing and prevent electric supply shortages.
Mr. Aboitiz said the year 2021 marks the 20th anniversary of the Electric Power Industry Reform Act of 2001 as it remains to be criticized for the reform it enacted. He said the law improved the government’s balance sheet and relieved it of the burden of billions of pesos to continue to build new generation capacity. He also credited EPIRA for creating competition and reduced electricity prices over the past decade.
“The Wholesale electricity market prices decreased by 43%, Meralco’s generation rates by 16%, and Retail prices (starting 2017) by 17%. And this is just the beginning,” he added.
He called on everyone from regulators to enhance the investment environment and attract more capital to attain the capacity required. The rules have in a way, affected investors as he called on other energy stakeholders to build transmission line capacity and distribution line faster.
In closing, Mr. Aboitiz called on the media professionals to inform the general public of the necessary information and thus advocate for the long-term success of the industry, the economy and society in general.
Tuesday Breakfast Club is chaired by Philippine Star Associate Editor and Columnist and counts journalists, broadcasters, Public Relations practitioners, academicians, retired magistrates and high-ranking government officials. It used to have fraternal breakfasts at EDSA Shangri-la Plaza prior to the COVID-19 pandemic. It has resumed its weekly “forum” virtually two months ago. (Melo M. Acuña)