AboitizPower trims oil-fired assets with electricity barge sale

Aboitiz Power Corp. has reduced its portfolio of oil-fired generating assets after selling two mothballed power barges to MORE Electric and Power Corp. (MORE Power), leaving its Therma Mobile Inc. (TMO) unit with two operating barges.

In a Monday disclosure, AboitizPower said TMO transferred ownership and operational control of Mobile 4 and Mobile 6, both located at the Navotas Fishport Complex, to MORE Power effective 2 October.

Idled assets

The transaction removes two idled assets from TMO’s portfolio without affecting its remaining generation operations.

“TMO’s remaining generation activities will continue through its two other oil-fired power barges, TMO Mobile 3 and Mobile 5, whose operations remain unaffected by this transaction,” AboitizPower said in the disclosure.

Mothballed Mobile 4 and Mobile 6 have been mothballed since 14 February 2025, following a confirmation letter from the Department of Energy.

AboitizPower did not disclose the transaction value or MORE Power’s plans for the acquired assets.

Barge transfer to comply with requirements

TMO and MORE Power are coordinating the barge transfer to comply with grid and regulatory requirements.

Notices on the transaction have been sent to the DoE, Independent Electricity Market Operator of the Philippines, National Grid Corp. of the Philippines, Energy Regulatory Commission, and other concerned agencies.

TMO is a subsidiary of AboitizPower through Therma Power Inc., the company’s holding firm for thermal energy investments.