TRANS-ASIA Oil and Energy Development Corp. (TRANS-ASIA), the energy arm of the PHINMA group, posted a consolidated net income of P265 million in the first quarter of this year, more than four times the P65 million recorded during the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, Trans-Asia said revenue was boosted by a 26 percent increase in electricity sales volume, with revenues for the first three months of the year hitting P3.13 billion, up 7 percent from last year’s comparative figure of P2.9 billion.
This was brought about mainly by the successful operations of its 54-megawatt wind farm located in San Lorenzo, Guimaras, through its fully owned subsidiary Trans-Asia Renewable Energy Corporation (TAREC).
“The plant, which was completed last December 2014, delivered 45 GWh [gigawatt-hours] of wind-powered electricity during the first quarter of this year. In December 2015, TAREC was granted its Feed-in-Tariff (FIT) Certificate of Compliance by the Energy Regulatory Commission (ERC), which guarantees a FIT of P7.40 per kilowatt hour for 20 years,” Trans-Asia said.
The company’s power generation subsidiaries — Trans-Asia Power Generation Corporation (52 MW), CIPP Power Corporation (21 MW), One Subic Power Generation Corporation (116 MW), and Guimaras Power Plant (3.4 MW) — continue to sell to the Wholesale Electricity Spot Market (WESM) and provide ancillary power to the National Grid Corporation of the Philippines (NGCP).
Commercial operations of Power Barges 101 and 102 likewise commenced in February 2016, contributing additional revenue for the company, while Power Barge 103 is undergoing comprehensive rehabilitation work for commercial operations to commence within the second half of the year.
First-quarter income was also enhanced by contributions from joint ventures, Maibarara Geothermal Inc. (MGI) and South Luzon Thermal Energy Corporation (SLTEC).
SLTEC, a joint venture of Trans-Asia with AC Energy Holdings, commenced commercial operations of its Line 2 135-MW circulating fluidized bed (CFB) coal-powered plant in February 2016, following commercial operations of Line 1 last April 2015. Together, both units have a combined capacity of 270 MW.
MGI is Trans-Asia’s joint-venture with Petrogreen Energy Corp. and PNOC Renewables Corp. In the first quarter of 2016, MGI awarded the engineering, procurement and construction (EPC) contract for its line two expansion, with commercial operations of its expanded 32 MW line expected by the third quarter of 2017.
The company is also in the pre-development stage for a 900-MW coal fired power project in Pangasinan, and is actively pursuing overseas exploration opportunities to supplement its local service contracts for its resource development business.
To date, the PHINMA Energy unit is able to provide electricity capable of empowering 1.2 million homes. Trans-Asia is an integrated power company of the PHINMA group and is engaged in power generation and electricity supply, wind energy development and energy resource development. It provides reliable and sustainable energy to its customers and host communities.