Oslo/Manila, 29 July 2025: Scatec ASA’s joint venture with Aboitiz Power (SNAP) in the Philippines has received formal regulatory approval by the Energy Regulatory Commission (ERC) for the previously awarded rate related to the contingency reserve long-term ancillary services (AS) contracts in the Philippines.
The awarded contract rate of 2.25 PHP/kWh (previously 1.5 PHP/kWh) will be effective from July 2025, with a retroactive effect of approximately NOK 231 million proportionate to Scatec. The retroactive revenues will be recognised in the second quarter 2025, and are expected to be received through periodic payments within the next 12 months.
As previously communicated, Scatec was awarded the long-term ancillary services contracts in the beginning of 2023 with start-up in September 2023. Scatec has delivered volumes under the new contracts since the start-up but received payments based on a lower rate, as the higher awarded rate required regulatory approval.
For further information, please contact:
Andreas Austrell, SVP IR
andreas.austrell@scatec.com
+47 974 38 686
About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 6.2 GW in operation and under construction across five continents today. We are committed to growing our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com or connect with us on LinkedIn.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
