Output surge boosts ACEN earnings by 84%

ACEN Corp., the energy arm of the Ayala Group, finished the first nine months strong, with its profit soaring by 84 percent amid a surge in power output.

The renewable energy producer said its net income attributable to equity holders of the parent firm had hit P3.3 billion, a significant improvement from the P1.8 billion recorded in the same period last year.

Revenues from the sale of electricity likewise surged to P33.81 billion against the previous P22.33 billion.

Core attributable earnings before interest, taxes, depreciation and amortization, or Ebitda, also climbed 35 percent to P21 billion.

The higher financial results were fueled by better operating performance across its key markets, particularly the Philippines and Australia.

The firm’s attributable generation reached 5,950 gigawatt-hours (GWh), a 23-percent improvement from a year ago as it fired up more power plants.

During the January-to-September period, renewable energy generation in the local market increased by 13 percent to 1,502 GWh, driven by its wind farms in northern Luzon.

The Philippine operations alone provided P37.1 billion in attributable revenues, as ACEN secured larger contracted energy volumes and logged higher spot power prices.

Australia operations, meanwhile, saw the output jump 48 percent to 1,303 GWh.

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However, ACEN said the unit’s earnings were curbed by weaker merchant prices, direct current cabling faults, as well as the depreciation and interest charges at its Stubbo solar facility.

“ACEN continues to grow as more projects come into operation, expanding our renewable energy portfolio and generation. As we build on this growth, our focus is increasingly on execution, operational excellence and profitability,” ACEN president and CEO Eric Francia said in a statement.

ACEN also operates in India, Vietnam and Lao PDR. It also has investments in Indonesia and other markets.

At present, the group has about 7,500 megawatts of attributable energy capacity, including operational and under construction projects.