On March 11, 1994, SPC Power Corporation (the Parent Company) was founded in the Philippines and filed with the Philippine SEC (Securities and Exchange Commission). With (i) continuing enhancements in the availability and reliability of existing power facilities, (ii) the projected commercial functioning of PB 104 in the second half of 2018, and (iii) vigorous but a cautious exploration of new prospects, the Group expects a continued expansion in terms of operating profits and benefits to shareholders. SPC Power Corp. has received permission from the Securities and Exchange Commission (SEC) to enter the renewable energy (RE) market.
SPC Power announced that the SEC has authorized an amendment to its articles of incorporation, allowing it to begin exploring and developing renewable energy sources like ocean energy, the solar, wind, hydro, geothermal, and hybrid systems. The company can now own, lease, and create real or personal properties, as well as invest in companies that buy, build, run, and maintain power generation facilities, as well as companies that produce and sell electricity.
Despite a drop in earnings, SPC Power has put a focus on several power projects, citing its “strong financial position and considerable headroom.” SPC Power treasurer Jaime Balisacan had previously informed the Inquirer in an email that the business has set aside roughly P2.4 billion in capital spending this year.
It put aside P80 million to buy AC Energy Corp.’s two oil-fired diesel power barges in Iloilo City’s Barangay Obrero and Lapu-Barangay Lapu’s Poblacion, respectively. The remaining funds will be used to invest in energy efficiency and renewable energy. It plans to buy about 470 MW (megawatts) of thermal capacity and build about 300 MW of renewable energy projects.
Vice president of SPC Power James Roy Villareal remarked, “We are also working on roughly 80 megawatts (80 MW) of renewable projects, notably solar in the Visayas region.” SPC Power plans to begin construction on its battery energy storage project in the first half of the year. It is nearing the end of the engineering, procurement, and construction negotiations.
SPC Power is cautiously hopeful about earnings prospects despite the predicted comeback in electricity demand since the combined effects of the COVID-19 epidemic and Typhoon Odette collapsed its bottom-line last year and in the first 3 months of 2022.
With current and new power projects, SPC chairperson Alfredo Henares stated the business planned to bridge the gap between supply and demand. However, given increasing competition compared to when these facilities were first put up ten years ago, Henares had predicted: “some restraint to the profits that we’ve been earning previously.” INQ