MANILA, Philippines — AC Energy Corp. (ACEN) posted a five percent rise in first half net earnings from P2.6 billion last year to P2.7 billion this year as strong topline numbers were offset by higher cost of power from the wholesale electricity spot market (WESM).
In a disclosure to the Philippine Stock Exchange yesterday, ACEN said the first half numbers already took into account the infusion of the AC Energy and Infrastructure Corp.’s international power assets.
Consolidated revenues for the period rose 35 percent to P13.4 billion, driven by the demand recovery from pre-COVID-19 pandemic levels, acquisition of operating projects, and newly operational renewable energy (RE) projects.
However, the strong revenue growth was partially offset by increased costs of purchased power due to high WESM prices during thermal power outages, ACEN said.
In terms of electricity sales, the company said its attributable output rose 16 percent to 2,224 gigawatt-hours (GWh) due to increased operational capacity from acquisitions and new power plants, as well as recovery in Luzon power demand in May and June, exceeding pre-pandemic levels.
Renewable resources accounted for 52 percent of total energy output during the period.
Attributable capacity at end-June jumped 56 percent to 1,659 megawatts (MW) from 2,589 MW, with the start of construction of new projects in the Philippines and in Vietnam, and the company’s first projects in India and in Australia.
ACEN’s renewables portfolio doubled from 1,041 MW to 2,070 MW and now comprises 80 percent of the company’s capacity with the infusion of international assets.
“We’re very pleased with the significant momentum in our renewables expansion both in the Philippines and around the region,” ACEN president and CEO Eric Francia said.
“With our robust balance sheet and strong pipeline, the company is well poised to attain our goal of reaching 5000 MW of renewables capacity by 2025,” he said.
The company has over 1,000 MW of attributable capacity under construction, with over half of the projects expected to be operational within the next six to 12 months.
Two new plants in the Philippines commenced commercial operations during the period, namely the 63-MW Gigasol Palauig solar plant in Zambales in April and 120-MW Gigasol Alaminos solar plant in Laguna in June.