POWER producer Aboitiz Power Corp. (AboitizPower) reported a 31% increase in its second-quarter net income, driven by stronger electricity prices, higher generation from hydropower facilities, and contributions from newly commissioned solar plants, according to a disclosure to the stock exchange as reported by BusinessWorld.
The company's net income for the April-to-June period rose to P10.5 billion, up from P8.0 billion in the same period last year. The earnings growth was attributed to higher electricity sales amid robust demand and favorable pricing in the wholesale electricity spot market.
AboitizPower also benefited from increased output from its hydroelectric plants due to improved water levels and the addition of new solar capacity. The company's renewable energy portfolio continues to expand, supporting its long-term growth strategy.