Scatec JV wins Philippine rate approval worth $55m

Scatec ASA's joint venture SNAP received regulatory approval from the Philippines' Energy Regulatory Commission for higher contingency reserve ancillary services contract rates of PHP 2.25/kWh, up from PHP 1.5/kWh.

The higher rate takes effect from July 2025, with retroactive revenues of approximately NOK 231 million proportionate to Scatec. These will be recognized in Q2 2025 and received over 12 months.

Scatec has delivered volumes under these contracts since September 2023 but previously received payments at the lower rate pending approval.