DMCI Power Corp. Records 7% Increase in Energy Sales in 2023

DMCI Power Corp. (DPC), an off-grid energy generator, has reported a notable 7% surge in energy sales volume for the year 2023. The increase is attributed to heightened demand in underserved and unserved areas, as highlighted by its parent company, DMCI Holdings, Inc., in a regulatory filing on Monday.

According to the filing, DPC achieved an energy sales volume of 454 gigawatt-hours (GWh) in 2023, marking a rise from the 426 GWh recorded in 2022. Antonino E. Gatdula, Jr., President of DPC, attributed the consistent growth in sales over 11 consecutive quarters to solid demand and strategic investments in underserved regions.

DPC operates in the provinces of Palawan, Masbate, and Oriental Mindoro. Palawan witnessed a 12% increase in energy sales to 200 GWh from 179 GWh in 2022, constituting 44% of the total sales volume. The company attributed this growth to higher capacity and demand, with the Palawan Electric Cooperative, Inc. serving the 67-megawatt (MW) demand of the province.

Masbate, contributing 34% to the overall sales, experienced a 5% increase in energy sales to 156 GWh from 148 GWh due to elevated demand (approximately 25-26 MW) and plant availability.

However, energy sales to Oriental Mindoro decreased by 2% to 97 GWh from 99 GWh, primarily due to the increased availability of renewable energy power plants. This segment accounted for 22% of the total sales volume with a demand of about 70 MW.

In 2023, DPC reported a total installed capacity of around 160 MW, reflecting a 17% increase from the previous year. For the third quarter, the company disclosed a core net income of P267 million, marking a 26% increase from the previous year. The growth was attributed to increased electricity sales volume, reduced fuel costs, and wider margins.

While revenues experienced a 13% drop to P1.86 billion, influenced by the operation of the Palawan thermal power plant with a lower tariff, DPC highlighted that this softened the impact of higher energy sales. Established in 2006, the company primarily focuses on energizing off-grid small and remote islands, offering a diverse portfolio that includes diesel, bunker, and thermal energy.

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