Scatec receives approval for ancillary services rate in the Philippines with retroactive effect

Core Insights - Scatec ASA's joint venture with Aboitiz Power has received regulatory approval for a new rate related to ancillary services contracts in the Philippines [1][2] - The awarded contract rate has increased from 1.5 PHP/kWh to 2.25 PHP/kWh, effective from July 2025, with retroactive revenues amounting to approximately NOK 231 million for Scatec [2][3] Group 1: Regulatory Approval and Contract Details - The Energy Regulatory Commission (ERC) has formally approved the rate for contingency reserve long-term ancillary services contracts [1] - The new rate of 2.25 PHP/kWh will be effective from July 2025, with retroactive effect recognized in Q2 2025 [2] - Scatec has been delivering volumes under the new contracts since September 2023 but was initially paid at a lower rate pending regulatory approval [3] Group 2: Company Overview - Scatec is a leading renewable energy solutions provider, focusing on developing, building, owning, and operating renewable energy plants [4] - The company currently has 6.2 GW of renewable energy capacity in operation and under construction across five continents [4] - Scatec is headquartered in Oslo, Norway, and is listed on the Oslo Stock Exchange under the ticker symbol 'SCATC' [4]