AboitizPower’s attributable electricity sales for the quarter ending June 30, 2012 was at 999 GWh, an 8% improvement from last year’s 925 GWh.
Growth was mainly accounted for by the strong showing of the industrial segment, which posted a YoY increase of 10%. Gross margin on a group-wide basis improved by 12% YoY, as the approved rates under the Performance Based Regulation (PBR) scheme were implemented.
Davao Light & Power Company, Inc. (Davao Light) and Visayan Electric Company, Inc. (VECO) implemented their approved distribution rates for their second regulatory year in August 2011.
Subic Enerzone Corporation (SEZ) and San Fernando Electric Light & Power Co., Inc. (SFELAPCO) were the last distribution utilities of AboitizPower that shifted to PBR.
Both SEZ and SFELAPCO entered their respective 4-year regulatory period in October 2011, with implementation of approved tariffs taking place in January 2012 and March 2012, respectively.
Expansions in volumes and margins resulted to a 38% YoY increase in the power distribution group’s earnings share for the first semester of 2012, from P1 bn to P1.4 bn.
Total attributable electricity sales increased by 7% YoY, from 1,814 GWh to 1,949 GWh.
Leading the pack was the industrial segment recording a 9% YoY expansion in volume sales, while residential and commercial accounts registered 6% and 4% YoY increases, respectively.
Gross margin for the group improved by 18% YoY mainly due to the implementation of the distribution utilities’ approved rates under the PBR.
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