SN Aboitiz sees improved financials

MANILA, Philippines — SN Aboitiz Power Group (SNAP), the joint venture of SN Power of Norway and Aboitiz Power Corp., expects a solid financial performance this year following a strong water inflow in its hydropower projects, its top official said yesterday.

In an interview with reporters yesterday, SNAP president and CEO Joseph Yu said the company sees a 20 percent improvement in both income and revenues this year following a very good hydrology in its power plants.

“For us, 2017 is a very strong year because the front half of the year, we had a lot of inflow. We had very good hydrology so we were able to generate much much more in the front half of the year than we normally can,” he said.

Normally, Yu said SNAP’s power projects would have lower than normal operations during summer but in the first two quarters of the year, hydrology was very strong.

“There was a lot of inflow so we were able to keep the dams at a very high level that allowed us to ride through the dry season with a lot of power,” he said.

“Normally, we would be running at a maximum turndown to running almost normal even during summer,” Yu added.

SNAP owns and operates the 380-megawatt Magat hydro, which it acquired in 2007. It also owns and operates the 105-MW Ambuklao hydro and the 140-MW Binga hydro in the province of Benguet.

During the period, Yu said Magat has set a record in terms of total kilowatt hours produced.

SNAP also started commercially operating its  8.5-MW Maris Main Canal 1 Hydroelectric Power Plant last month after completing commissioning works.

During the commissioning, the plant—under SN Aboitiz Power-Magat Inc. (SNAP-Magat)—was synchronized to the grid and underwent a series of tests in compliance with the requirements of the Philippine Grid Code.

SNAP also cascaded protocols with stakeholders in preparation for commercial operation.

The firm said Maris hydro continues to undergo performance testing under contractual requirements with its electromechanical supplier, and will also be subject to a validation review to be conducted by Deparment of Energy (DOE) prior to official declaration of the plant’s commercial operation.

Maris hydro is the first power plant constructed by SNAP-Magat hydro’s acquisition in 2007.

It is composed of two units of Kaplan pit type turbines with generator nameplate capacity of 4.25 MW each. Unit 1 was commissioned on Oct. 24 while Unit 2 was commissioned on Nov. 6.

SNAP is also the proponent of a bigger hydro project in Ifugao, the 390-MW Alimit Hydropower project, a multi-facility complex comprised of the 20-MW Olilicon hydropower plant, 120-MW Alimit hydropower plant and the 250-MW Alimit Pumped Storage.