Aboitiz Power (PSE:AP) said its joint venture companies - SN AboitizPower-Magat, and SN AboitizPower-Benguet - have paid financial penalties to the Philippine Electricity Market Corporation (PEMC).

The penalties were for non-compliance with Reserve Conformance Standards for the billing period covering February 2025, according to a Tuesday Philippines Exchange filing.

Aboitiz Power said most of the non-compliances were technical in nature and driven by factors outside the companies' control.

The units paid the penalties under protest on May 22, but received PEMC's final decision upholding the fines on July 9, it said.