ACEN booked a 90- percent jump in consolidated net income to P14.6 billion in 2022 from P7.67 billion in 2021, attributed to contributions from new power plants.
In a disclosure to the Philippine Stock Exchange, the company said the net income also includes P8.6 billion of net impact in revaluation gains from the company’s full acquisition of the Australia platform, as well as provisions for a Supreme Court decision voiding the Philippine Electricity Market Corp.’s administered and regulated pricing regime and for the Lac Hoa and Hoa Dong wind project in Vietnam.
Consolidated revenues rose 35 percent to P35.2 billion from 2021’s P26.08 billion.
“In 2022, the Philippine power sector weathered significant challenges caused by our country’s continued dependence on high-priced coal and unserved power demand and as a result, we felt the impact of the high cost of power. With 700 megawatts (MW) in new capacity expected to come online in the Philippines by the end of the year and another 521 MW of new capacity commencing operations in Australia, we expect to move into a net selling merchant position and be on a stronger footing in 2023,” said Eric Francia, ACEN president and chief executive officer, in a statement.
ACEN has more than 2,400 MW of projects under construction and expects to spend P50 to P70 billion in capital expenditures this year as it continues to grow its renewable energy portfolio, to bring the company ever closer to its ambition of achieving 20,000 MW in renewable energy capacity by 2030.
ACEN has more than 4,000 MW of attributable renewables capacity in operation and under construction across the Philippines and the region, including Australia, Vietnam, Indonesia and India.
