TWO joint venture companies under Aboitiz Power Corp. (AboitizPower) have settled penalties imposed by Philippine Electricity Market Corp. (PEMC) for failing to meet reserve conformance standards for the billing period covering February 2025.
In a disclosure on Tuesday, AboitizPower said SN AboitizPower-Magat Inc. (SNAP Magat) and SN AboitizPower-Benguet Inc. (SNAP Benguet) were fined P258,393.63 and P66,843.75, respectively, for violations of the reserve conformance standards.
AboitizPower said it was informed by the two companies that the “majority of these non-compliances were technical in nature and were affected by factors beyond SNAP Magat and SNAP Benguet’s control.”
The companies made the payments “under protest” on May 22, 2025, reserving their right to challenge the penalties.
On July 9, PEMC responded to their appeal by stating that its findings were final.
SNAP Magat and SNAP Benguet are joint ventures between Aboitiz Renewables Inc. (ARI) and SN Power Philippines Inc., operating through Manila-Oslo Renewable Enterprise Inc.
ARI is the investment arm of AboitizPower for its renewable energy ventures.
Despite settling the penalties, AboitizPower said that the joint ventures “continue to coordinate with the authorities to ensure compliance and to provide a reliable power supply to the grid.”
AboitizPower shares on Tuesday slipped by a centavo, or 2.38 percent, to close at P41.00 each.
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