ACEN Corp. reported a 28 percent year-on-year decline in its first-quarter consolidated net income attributable to equity holders, falling to ₱1.95 billion from ₱2.72 billion in the same period of 2024. The slump was driven by lower generation output and declining prices in the Philippine Wholesale Electricity Spot Market (WESM), the company said Thursday.
Revenues also dropped 21 percent to ₱7.77 billion, from ₱9.85 billion last year, reflecting the impact of both operational disruptions and market headwinds. The company’s Philippine renewable energy (RE) plants generated 489 gigawatt hours (GWh) in the quarter, a 14 percent drop from 570 GWh. The decrease was largely attributed to damage caused by Typhoon Marce in late 2024, which sidelined key turbines at the Pagudpud and Capa wind farms.
President and CEO Eric Francia acknowledged the challenges of scaling renewable energy, noting that ACEN is pursuing a planned equity infusion to strengthen its balance sheet and support ongoing growth aligned with global energy transition goals.
Chief financial and strategy officer Jonathan Back emphasized the company’s commitment to overcoming near-term obstacles, saying that ACEN will continue expanding its operational capacity while adopting a more measured approach given market uncertainties.
ACEN is targeting 20,000 MW in renewable energy capacity by 2030 and aims to reach net zero greenhouse gas emissions by 2050. The company operates renewable energy projects across Asia-Pacific and North America, including Australia, India, Vietnam, and the U.S.
