ACEN Corp. reported a 68 percent decline in its profit in the first three months of the year to P405 million, weighed down by higher costs of purchased power due to elevated spot market prices.
The energy platform of the Ayala family said earnings would have grown by 23 percent to P1.6 billion were it not for the transmission line damage from typhoon Odette.
Revenues grew 29 percent to P7.4 billion, driven by new operating capacity, including two solar farms each in the Philippines and in India, as well as several wind facilities in Vietnam.
Output increased by four percent to 1,161 gigawatt-hours (GWh) in the first quarter.
For plants overseas, output jumped by 62 percent.
Renewables’ contribution to ACEN’s output surged 52 percent, bringing RE’s share to 76% of total energy production.
“ The recent conflict in Ukraine and supply chain disruptions have led to soaring prices of commodities and fossil fuels, highlighting the need for more indigenous and sustainable energy sources. ACEN’s aggressive RE portfolio expansion and geographical diversification allow us to capitalize on these developments in the long run,” ACEN president & CEO Eric T. Francia said.
ACEN currently has 3,800 MW of pro forma attributable capacity in the Philippines and across the region, of which ~3,300 MW, or close to 90 percent are renewable.
This puts the company in a strong position to reach its 5,000-MW target earlier than 2025, towards its vision of becoming the largest listed renewables platform in Southeast Asia.