ACEN Corp., the renewable energy arm of the Ayala group, recorded consolidated net income of P1.95 billion for the first quarter, 28 percent lower year-on-year due to the decrease in generation in the Philippine market and lower spot market prices.
ACEN said in a disclosure to the Philippine Stock Exchange Thursday its quarter financial performance was impacted by a decrease in generation in its home market, the Philippines, lower prices in the country’s Wholesale Electricity Spot Market (WESM), and higher depreciation and interest bookings with more plants coming into operation.
It said this is despite a three percent increase in overall attributable renewables output to 1,680 gigawatthours (GWh), supported by generation from new plants operationalized in 2024, as well as an increased economic stake in overseas renewables platforms.
“ACEN’s first quarter results reflect some of the challenges of scaling renewables. The company is strengthening its balance sheet with the planned equity infusion to ensure that we remain strong amidst these challenges, and sustain our growth initiatives in line with the global energy transition,” ACEN president and chief executive Eric Francia said.
On the other hand, core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) – which excludes non-recurring income from asset sales – grew 7 percent to P5.6 billion, buoyed by improved generation from international plants and an increase in attributable output from ACEN’s assets in Vietnam.
ACEN’s international portfolio generated 1,191 GWh of renewable energy, a 13 percent increase over the first quarter of 2024, driven by the full contribution of plants which began operations last year.
Around 3.6 gigawatts (GW) of ACEN’s 7 GW renewables portfolio is now operational.
ACEN said about 2.6 GW of assets are under construction globally, while committed capacity, composed of projects with signed tenders or agreements that await construction, stands at 823 MW.
It said Philippine renewable energy plants generated 489 GWh in the first quarter, a decline of 14 percent year over year due primarily to the lingering impact of Typhoon Marce in November 2024, which caused several turbines, now under repair, in the 160 MW Pagudpud Wind and 70 MW Capa Wind farms to cease operations.
The Philippine business also saw weaker solar resource in the period, mitigated by the full energization of the 60 MW Pangasinan Solar project.
“Our teams are working intensively to move past the headwinds we experienced in the first quarter. We will continue to expand ACEN’s operating capacity, bringing our sizable pipeline to bear – while taking a more measured approach amid today’s external uncertainties,” Jonathan Back, ACEN chief finance officer and chief strategy officer, said.
Meanwhile, ACEN Renewable Energy Solutions (RES), the group’s Philippine retail electricity arm, expanded its book by 10 percent in the first quarter to 412 MW across 653 customers from various sectors.
This includes several customers signed up under the Retail Aggregation Program, which allows multiple consumers or facilities to combine their energy demand to meet the 500-kW threshold required to source power directly from their preferred supplier.
ACEN RES continues to be the market leader under the Green Energy Auction Program with 50 percent of total energy supplied.
Meanwhile, ACEN said that in Australia, the company recorded attributable revenues of P823.5 million and attributable EBITDA of P625.0 million, a decline of 14 percent and 31 percent respectively, primarily because of lower generation, due to diminished irradiance and colder than expected temperatures, from New England Solar, as well as reduced large-scale generator certificate (LGC) prices.
