Mothballing of Two of Therma Mobile, Inc.’s Bunker C-Fired Diesel Power Plants

Aboitiz Power Corporation was advised today by its wholly-owned subsidiary, Therma Mobile, Inc. (TMO), of its receipt of the Letter for Confirmation (LOC) from the Department of Energy (DOE) for the mothballing of two (2) of TMO’s Bunker C-Fired Power Barges (TMO Mobile 4 and Mobile 6) located in Navotas Fishport Complex, Baradero St., Northbay Blvd., Navotas City, Metro Manila, effective February 14, 2025, with a target return to service on February 1, 2027.

The LOC was issued following TMO’s filing of a letter of intent to mothball TMO Mobile 4 and Mobile 6 due to technical and commercial challenges that prevent or hamper their full utilization and continued safe and efficient operation.

Notices regarding the LOC have been sent to the appropriate offices and entities in accordance with the DOE’s Implementing Guidelines on the Decommissioning and Mothballing of a Generating Plant, including the Independent Electricity Market Operator of the Philippines Inc. (IEMOP), the National Grid Corporation of the Philippines (NGCP), the Energy Regulatory Commission (ERC) and other concerned bodies.

Meanwhile, TMO’s generation activities will continue through its two (2) other Bunker C-Fired Power Barges, i.e., TMO Mobile 3 and Mobile 5, whose operations will not be affected by the said mothballing.

TMO is a wholly-owned subsidiary of the Company through Therma Power Inc., its holding company for its investments in thermal energy.