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Power Production – Philippines Short-term impact by seasonality – long-term asset values increasing
• Q2’22 production 20% above 5-year average as expected
• Production in 2H’22 expected to exceed contractual volumes, benefitting from continued high spot prices
• Q3’22 production expected 25% above the five-year average and 45% above the same period last year
• 560 – 640 GWh (100% basis) / 280-320 GWh (proportionate basis)
• Favourable hydrology and shift in product mix
• Long-term asset values increasing – capturing higher energy prices over time with a premium for flexibility.