Renewable energy exponent ACEN Corporation posted a 28 percent drop in consolidated net income to P1.95 billion for the first quarter of the year, compared with P2.72 billion in the year-earlier period.
In a statement on Thursday, the company said the lower income resulted from the decrease in generation and lower prices on the Wholesale Electricity Spot Market in the Philippines.
The company’s Philippine renewable energy plants generated 489 gigawatt hours (GWh) in the first quarter, a 14 percent decline from 570 GWh a year earlier.
The lingering impact of Typhoon Marce in November 2024 caused several turbines in the 160 MW Pagudpud Wind and 70 MW Capa Wind farms to cease operations, the company said.
For the first quarter of 2025, the company’s consolidated revenues fell 21 percent to P7.77 billion from P9.85 billion recorded in the first quarter of 2024.
Eric Francia, ACEN president and chief executive officer, said the company’s first-quarter results reflect “some of the challenges of scaling renewables.”
He explained that the company is strengthening its balance sheets with the planned equity infusion to ensure that it remains strong amid the challenges and sustains growth initiatives in line with the global energy transition.
Meanwhile, Jonathan Back, ACEN’s chief financial officer and chief strategy officer, said the company is also “working intensively to move past the headwinds” experienced during the period.
“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,” Back said.
As a group, ACEN aims to increase its RE capacity to 20,000 MW by 2030, helping to provide energy to more people and becoming a net-zero greenhouse gas emissions company by 2050.
Apart from the Philippines, ACEN also has energy projects in Australia, India, Lao PDR, the United States of America, Indonesia, Malaysia, Vietnam, Bangladesh and Taiwan.
