Aboitiz Power
{{Use Philippine English|date=January 2023}}
{{Use mdy dates|date=January 2023}}
{{Infobox company
| name = AboitizPower
| type = Public
| traded_as = {{pse|AP}}
| logo = Aboitiz Power logo.svg
| foundation = Philippines
{{start date and age|1998|2|13}}
| parent = Aboitiz Equity Ventures
| key_people = Sabin M. Aboitiz (Chairman)
Daniel C. Aboitiz (President & CEO)
| website = https://aboitizpower.com/
| location = NAC Tower, 32nd Street, Bonifacio Global City, Taguig, Metro Manila
| subsid = Davao Light and Power Company
Visayan Electric Company
Cotabato Light and Power Company
Hijos de F. Escaño, Inc.
Pampanga Energy Ventures Inc.
San Fernando Electric Light and Power Co.
Subic Enerzone Corp.
| revenue = {{decrease}} ₱110.38 billion
| revenue_year = 2020
| net_income = {{decrease}} ₱14.82 billion
| net_income_year = 2020
| assets = {{decrease}} ₱397.93 billion
| assets_year = 2020
| equity = {{increase}} ₱127.16 billion{{Citation|url=https://edge.pse.com.ph/openDiscViewer.do?edge_no=ae46d3f57bb86ae45d542af6f1e997b9|title=Aboitiz Power Corporation Financial Reports|accessdate=April 15, 2021|website=PSE Edge}}
| equity_year = 2020
}}
Aboitiz Power Corporation also known as AboitizPower (AP), a subsidiary of Aboitiz Equity Ventures (AEV), is a holding company engaged in power distribution, generation and retail electricity services.{{Cite web|url=https://www.gmanetwork.com/news/story/39818/money/aboitiz-power-to-raise-p8-4b-from-ipo/|title=Aboitiz Power to raise P8.4B from IPO|website=GMA News Online|language=en-US|access-date=July 27, 2019}}{{Cite web|url=http://www.rappler.com/business/228719-next-aboitizpower-ceo-will-not-come-from-aboitiz-clan|title=Next AboitizPower CEO won't come from Aboitiz clan|last=Rivas|first=Ralf|website=Rappler|date=April 22, 2019 |language=en|access-date=July 27, 2019}}
File:Northbay_Boulevard_South_(Metro_Manila;_2023-08-16)_E911a_08.jpg
Background
Aboitiz Power Corporation was established on February 13, 1998.{{Cite web|url=http://edge.pse.com.ph/companyInformation/form.do?cmpy_id=609|title=Aboitiz Power Corporation|last=|first=|date=|website=edge.pse.com.ph|archive-url=|archive-date=|access-date=July 27, 2019}} The company is AEV's largest subsidiary, contributing 71% of its total income in the first three months of 2019, and holds all of its assets in generation and distribution of electricity.{{Cite web|url=https://www.philstar.com/business/2007/07/17/6301/aboitiz-power-shares-close-flat-pse-debut|title=Aboitiz Power shares close flat in PSE debut|website=philstar.com|access-date=July 27, 2019}}{{Cite web|url=https://www.sunstar.com.ph//article/1803807|title=AboitizPower, AEV report lower net earnings|date=May 2, 2019|website=Sunstar|language=English|access-date=July 27, 2019}} The company's power generation unit is engaged in operations of solar, coal, oil, hydroelectric, and geothermal facilities.{{Cite web|url=https://business.mb.com.ph/2019/07/06/aboitiz-power-taps-ge-for-digital-twin|title=Aboitiz Power taps GE for 'digital twin'|website=Manila Bulletin Business|language=en-US|access-date=July 27, 2019}}{{Cite web|url=https://www.philstar.com/business/2019/01/05/1882329/aboitizpower-putting-more-solar-rooftops|title=AboitizPower putting up more solar rooftops|website=philstar.com|access-date=July 27, 2019}}{{Cite web|url=https://business.inquirer.net/248495/renewable-energy-becomes-trendy-aboitiz-power-goes-solar-roof-business|title=As renewable energy becomes trendy, Aboitiz Power goes into solar roof business|last=Domingo|first=Ronnel W.|website=business.inquirer.net|date=April 3, 2018 |language=en|access-date=July 27, 2019}}
On July 16, 2007, it became a publicly listed company on the Philippine Stock Exchange with an initial public offering of 1.8 billion shares out of 7.2 billion registered common shares.{{Cite web|url=https://www.gmanetwork.com/news/story/44251/money/companies/pse-oks-aboitiz-power-ipo/|title=PSE OKs Aboitiz Power IPO|website=GMA News Online|language=en-US|access-date=July 27, 2019}}
The company established the SN Aboitiz Power (SNAP), a joint venture with Norway-based company SN Power Invest AS, in 2005 with the goal of producing renewable energy.{{Cite web|url=https://www.philstar.com/business/2005/07/19/287143/aboitiz-teams-norwegian-firm-bid-hydropower-projects-rp|title=Aboitiz teams up with Norwegian firm to bid for hydropower projects in RP|website=philstar.com|access-date=July 27, 2019}}{{Cite news|url=http://manilastandard.net/lgu/luzon/298785/floating-solar-project-started-in-magat-dam.html|title=Floating solar project started in Magat Dam|work=Manila Standard|access-date=July 27, 2019|language=en}} It introduced the floating solar farm, the method of putting solar panels on a body of water to lessen land use, in Tawi-tawi and Magat Dam in Isabela.{{Cite web|url=https://business.mb.com.ph/2019/07/09/da-taps-aboitiz-unit-to-build-floating-solar-farms-prototype|title=DA taps Aboitiz unit to build floating solar farms prototype|website=Manila Bulletin Business|language=en-US|access-date=July 28, 2019}}{{Cite web|url=https://newsinfo.inquirer.net/1138907/isabela-dam-hosts-floating-solar-panels|title=Isabela dam hosts floating solar panels|last=INQUIRER.net|website=newsinfo.inquirer.net|date=July 8, 2019 |language=en|access-date=July 28, 2019}}
In April 2019, the Philippine Competition Commission (PCC), Energy Regulatory Commission, and the Senate Committee on Energy conducted separate probes on a series of power outages in Luzon that were said to be caused by alleged collusion among power firms as a way to increase electricity prices.{{Cite web|url=https://businessmirror.com.ph/2019/05/05/forces-of-darkness/|title=Forces of darkness? - Lenie Lectura|last=Lectura|first=Lenie|date=May 5, 2019|website=BusinessMirror|language=en-US|access-date=July 27, 2019}}{{Cite web|url=http://www.rappler.com/business/228238-power-firms-statement-collusion-allegations|title=Power firms deny collusion allegations|last=Rivas|first=Ralf|website=Rappler|date=April 15, 2019 |language=en|access-date=July 27, 2019}} Power companies denied the claim, and Aboitiz Power Corporation stated that the said outages were "bad for business" and they were open to any investigation.{{Cite web|url=https://www.pna.gov.ph/articles/1067797|title=Aboitiz Power welcomes probe on alleged collusion in power sector|last=|first=|last2=|date=|website=www.pna.gov.ph|language=en|archive-url=|archive-date=|access-date=July 27, 2019}} According to the Department of Energy, the outages were due to technical issues caused by old and new power plants, maintenance shutdown, and reduction of power rating of some facilities.{{Cite web|url=https://www.doe.gov.ph/energist/doe-gencos-collusion-didn%E2%80%99t-cause-brownouts|title=DOE, gencos: Collusion didn't cause brownouts {{!}} DOE {{!}} Department of Energy Portal|website=www.doe.gov.ph|access-date=July 27, 2019}}
Subsidiaries
The company's subsidiaries include Aboitiz Energy Solutions Inc., Davao Light & Power Co. Inc., Cotabato Light & Power Co., Hijos de F. Escaño, Inc., Pampanga Energy Ventures Inc., San Fernando Electric Light and Power Co., Subic Enerzone Corp., and Visayan Electric Co., Inc.
References
{{Reflist}}{{PSEi}}
Category:Companies listed on the Philippine Stock Exchange
Category:Electric power companies of the Philippines
Category:Energy companies established in 1998
Category:1998 establishments in the Philippines
Category:Companies in the PSE Composite Index