AboitizPower on track to build LNG facility

ABOITIZ POWER Corp. (AboitizPower) said on Monday that it is still on track to build a liquefied natural gas (LNG) facility and complete it by 2028, its president said on Monday.

“We remain focused on our venture into LNG-to-power projects, with plans to launch an LNG facility by 2028. This multifaceted approach ensures we can continue supplying reliable energy as the nation grows and prosper,” said AboitizPower President and Chief Executive Officer Emmanuel V. Rubio during Giga Summit 2023.

“To ensure a continuous and brighter future as our economy grows, we must maintain and invest in these energy sources to keep the lights on today and illuminate tomorrow,” he added.

Mr. Rubio earlier said that the company was looking to increase the capacity of Therma Visayas, Inc.’s 300-megawatt (MW) plant in Cebu City by 150 MW through LNG or by expanding its coal assets.

In June, AboitizPower said it had partnered with Japan’s JERA Co., Inc. to explore the feasibility of co-firing ammonia in coal-fired plants, and hydrogen in LNG facilities.

The Department of Energy is positioning LNG as a necessary fuel while the renewable energy (RE) infrastructure is being built.

“We at AboitizPower share a vision that aligns with the national aspiration, emphasizing the growth of renewable energy while optimizing our baseload resources,” Mr. Rubio said.

AboitizPower is aiming to hit a 50:50 balance between its renewable and thermal portfolios by 2030 in support of the global movement for clean energy.

To date, the company has RE projects with a combined capacity of about 1,000 MW that are in the pipeline through its development of wind, solar, and geothermal projects.

At the local bourse on Monday, shares in the company went down by P0.65 or 1.89% to close at P33.75 each.