OFF-GRID energy generator DMCI Power Corp. (DPC) registered a 7% increase in energy sales volume in 2023 due to higher demand in underserved and unserved areas, its parent company said on Monday.
In a regulatory filing, DMCI Holdings, Inc. said that its subsidiary recorded an energy sales volume of 454 gigawatt-hours (GWh) last year, an increase from the 426 GWh in 2022.
“Our sales have grown steadily for 11 consecutive quarters because of solid demand and our targeted investments in underserved and unserved areas,” DPC President Antonino E. Gatdula, Jr. said.
The company operates in the provinces of Palawan, Masbate, and Oriental Mindoro.
According to the DPC, energy sales to Palawan increased by 12% to 200 GWh from 179 GWh in 2022. This accounted for 44% of the total sales volume.
The company attributed the increase to the “combined effect of higher capacity and demand.” The Palawan Electric Cooperative, Inc. served the 67-megawatt (MW) demand of the province, it said.
In August, the company commenced the operations of its P1.5-billion thermal power plant in Palawan, which it said coincided with “a surge in both local and international tourist arrivals in the area.”
Masbate energy sales, contributing 34% to the overall sales, increased by 5% to 156 GWh from 148 GWh previously due to higher demand, approximately 25-26 MW, and plant availability.
Meanwhile, energy sales to Oriental Mindoro fell by 2% to 97 GWh from 99 GWh “due to the increased availability of renewable energy power plants.” This accounted for 22% of the total sales volume with a demand of about 70 MW.
In 2023, DPC had a total installed capacity of around 160 MW, a 17% increase from the previous year.
For the third quarter, DPC reported a core net income of P267 million, a 26% increase from the previous year, driven by growth in electricity sales volume, lower fuel costs, and wider margins.
Revenues dropped by 13% to P1.86 billion due to the operation of the Palawan thermal power plant with a lower tariff, which DPC said has softened the impact of higher energy sales.
Established in 2006, the company is primarily engaged in energizing off-grid small and remote islands. Its portfolio includes diesel, bunker, and thermal energy. — Sheldeen Joy Talavera
