PHINMA Energy Corp. said its consolidated net income rose 53 percent to P1.38 billion in 2016 from P906 million a year earlier on higher electricity sales volume.
The energy firm said on Wednesday that electricity sales volume expanded by 33 percent to 2,947-gigawatthours (GWh) in 2016 while revenue from the sale of electricity increased 15 percent to P15.5 billion.
“Available generation capacity increased due to the commercial operation in February 2016 of the second 135-megawatt CFB (circulating fluidized bed) coal-powered plant of South Luzon Thermal Energy Corporation (SLTEC), a partnership with the Ayala Group,” Phinma Energy said.
Generation capacity also increased due to the commercial operation of Power Barges 101 and 102, also in February 2016, the company said.
Total equity in net earnings of Phinma Energy from associates correspondingly increased to P886 million in 2016, from P372 million in the previous year.
In December 2016, Phinma and Ayala Corp. announced the sale of 5 percent and 15 percent stakes, respectively, in SLTEC to Axia Power Holdings Philippines Corp., a unit of the Marubeni Group. Phinma Energy and Ayala are joint venture partners in SLTEC.
Post-sale, Phinma Energy remains the largest SLTEC shareholder with 45 percent, followed by Ayala with 35 percent and Marubeni with 20 percent. Phinma Energy recognized a P444 million gain on the sale of its investment in 2016.
The company continues to be committed to renewable energy. Trans-Asia Renewable Energy Corporation (TAREC), a wholly-owned renewable energy subsidiary, delivered 96.7 GWh of electricity from its 54-MW wind farm in Guimaras during the year. This was lower than the 108 GWh produced in the previous year due to lower wind volume in 2016.
MGI, the company affiliate producing geothermal energy, produced 152 GWh in 2016 from its 20-MW geothermal plant, slightly more than the 150 GWh produced in 2015.
This year, Phinma Energy is looking forward to increase capacity from the commercial operation of Power Barge
103. MGI is also currently undertaking its Line 2 expansion, with commercial operation of the 12 MW geothermal line expected by the second half of 2017.
The expansion plans of the Phinma Energy for renewable energy include wind farm installation prospects for TAREC at Sibunag, Guimaras and Ballesteros, Cagayan, which the company can develop once the energy policy of the government becomes more definitive.