LISTED energy company PetroEnergy Resources Corporation (PERC) posted a 327 percent increase in its consolidated net income to $4.3 million (P213.8 million) in the first quarter of 2017 from $1 million in the same period last year.
PetroEnergy said on Friday that the surge was mainly due to higher electricity sales from PERC’s renewable energy (RE) development and power generation assets and slightly higher crude oil revenues from its oil production in Gabon, West Africa.
It said net income attributed to equity holders of the parent company increased more than five times $2.86 million in the first quarter this year from $518,000 last year.
“Our decision to venture into RE, in addition to our upstream oil business, has started paying off,” PERC President Milagros V. Reyes said.
“Our 20 MW (megawatt) Maibarara geothermal venture was declared in 2011 as the first commercial project under the 2008 RE Law framework by the DOE (Department of Energy) and was successfully put on stream in 2014. This is now being expanded to add another 12-megawatt generating unit. Since then, we have commissioned two more RE plants, the 36-MW Nabas-1 wind power project in 2015 and the 50-MW (DC) Tarlac-1 solar power facility in 2016,” Reyes added.
Total net electricity exported by the PERC subsidiaries increased to 102.91 gigawatthours (GWh) in the first quarter of this year from 76.60 GWh in the first quarter of 2016.
“The positive difference in generation between the two periods came from increased net electricity export from the Maibarara and Tarlac power facilities. The Feed-in-Tariff (FIT)-qualified Tarlac-1 solar facility was put into commercial operation in February 2016 and the 20 MW Maibarara plant increased its load nomination after its major preventive maintenance in 1Q 2016,” said PERC Vice President and MGI President F.G. Delfin, Jr.
As a result, aggregate gross revenues from the three operating RE plants rose to P693.46 million in the first quarter from P511.11 million in the same period last year.
“For the 12 MW Maibarara-2 geothermal facility, all major equipment have been delivered on site and construction is entering its final stages. Testing and commissioning activities will follow suit even as we are now starting on the interconnection regulatory requirements. When completed, the Maibarara-2 facility will supply the Luzon grid with an additional 12 MW of clean and baseload power while providing MGI and its PERC parent company with added revenue stream starting in late 2017,” Delfin added.