Aboitiz Equity Ventures (AEV) chief operating officer Erramon Aboitiz said their majority-owned Subic Enerzone recently purchased new substations in anticipation of the expected growth in the company’s electricity sales in the coming years.
Since winning the bid for the power distribution rights from the Subic Bay Metropolitan Authority (SBMA) in November last year, Subic Enerzone’s electricity sales inched up slightly by seven percent.
"Subic Enerzone is generating profits and we expect sales to grow as businesses in Subic also grow," Aboitiz said.
Aboitiz said he also expects more companies to set up shop in Subic as the freeport zone continues to offer lower electricity rates.
Subic Enerzone slashed its power rates to P3.90 per kilowatthour (kwh) with a lock-in period of five years when it started operating in Subic. Previously, Subic’s power rates averaged at P4.49 per kwh.
It’s electricity charge is significantly lower than the average P4.94/kwh at the Clark Special Economic Zone, P6.02/kwh in Metro Manila, P5.39/kwh in Zambales, P4.78/kwh in Pampanga and P5.20/kwh in Bataan.