Aboitiz Power Corp. has turned over its mothballed coal-fired power barges in Metro Manila to Razon-led More Electric and Power Corp. (More Power).
On Monday, the energy company said its subsidiary Therma Mobile Inc. (TMO) has sold and transferred the ownership and operational control of two of its Bunker C-fired power barges-named Mobile 4 and Mobile 6, both stationed at Navotas City, to More Power.
More Power is a power distribution utility servicing key areas in Iloilo province. Aboitiz Power did not disclose the value of the transaction.
Tow and moor
A power barge is considered a floating power plant that can be towed to and moored in different sites.
TMO earlier said these assets had been out of operation since Feb. 14, 2025 ‘due to technical and commercial challenges that prevent or hamper their full utilization.’
The Monday disclosure said that TMO and More Power were ‘closely coordinating the transfer of these two power barges in compliance with grid and regulatory standards.’
Notices regarding this move were already forwarded to the Department of Energy, the Independent Electricity Market Operator of the Philippines Inc., the National Grid Corp. of the Philippines and the Energy Regulatory Commission.
TMO, which focuses on thermal energy investments, had four barge-mounted power plants with an installed capacity of 242 megawatts. These were all moored in the Navotas Fishport Complex.
Two that remain
The Aboitiz subsidiary will still manage the remaining two oil-fired power barges, Mobile 3 and Mobile 5.
In the first six months of 2026, the company recorded a robust core profit growth reaching P18 billion, a 41-percent increase from a year ago’s P12.8 billion.
The strong financials were attributed to higher energy prices and boosted capacity from its hydro and solar segments.