Energy

Ayala-led ENEX Energy Corp. reaffirmed its commitment to developing a liquefied natural gas (LNG)-fired power plant in Batangas, but clarified that the project will only proceed upon securing a long-term offtake agreement through a Competitive Selection Process (CSP).

ACEN Corp. has secured board approval for a stock rights offering (SRO) that aims to raise up to ₱30 billion, a strategic move to accelerate the company’s renewable energy expansion and manage debt, company executives said on Wednesday.

Manila Electric Co., the country’s largest power distributor, said its new 25-year franchise will commence upon the expiration of its current license on June 28, 2028. Better known as Meralco, the company said Republic Act 12146 that grants it a new franchise will take effect 15 days from its publication of at least two newspapers of general circulation. President Ferdinand Marcos Jr. signed the law on April 11.

Nasipit, Agusan del Norte — Aboitiz Power Corp., through its subsidiary Therma Marine Inc. (TMI), has started groundwork for a new 48-megawatt (MW) hybrid battery energy storage system (BESS), signaling a strategic expansion in the company’s energy portfolio aimed at enhancing grid reliability and supporting renewable energy integration.

PetroEnergy Resources Corp. (PERC) reported an 89 percent increase in consolidated net income to ₱882 million for 2024, mainly driven by a restatement of its 2023 earnings to align with accounting standards.