PetroEnergy Resources Corporation (PERC), the Yuchengco Group’s energy arm, has reported a 21% jump in electricity sales in 2024, fueled by the rollout of three major renewable energy projects despite a dip in oil revenues.
In its latest disclosure, PetroEnergy posted PHP 2.81 billion in electricity sales for 2024, up from PHP 2.33 billion in 2023. The growth was “brought about mainly by the completion and the start of the testing and commissioning” of key renewable energy facilities: the 13.2 MW Phase 2 of the Nabas Wind Power Project in Aklan (April), the 27 MWDC Dagohoy Solar Power Project in Bohol (November), and the 19.6 MWDC San Jose Solar Power Project in Nueva Ecija (December).
The gains from clean energy helped offset a 16% year-on-year decline in oil revenues, which dropped from PHP 623 million in 2023 to PHP 520 million in 2024, as both production and prices weakened. PERC cited lower crude output—down from 506,000 to 453,000 barrels—and a price dip from USD 82.86 to USD 80.05 per barrel.
As a result, consolidated gross income rose 12% to PHP 1.64 billion, despite headwinds from oil. However, the reported 89% surge in net income—from PHP 466 million to PHP 882 million—reflects an accounting restatement, not purely operational gains.
In 2023, the company had initially recognized a PHP 45.89 million loss related to its acquisition of a 20% stake in PetroWind Energy Inc. from EEI Power Corporation. The final figure, after completing a required valuation study, was PHP 514 million. Adjusting for that, PERC’s net income actually fell 6.6% in 2024, attributed to higher loan-related interest expenses and reduced investment income.
PERC’s total assets increased by 8% to PHP 23.35 billion. Further capacity expansion is in the pipeline, with two more solar projects—Bugallon (25 MWDC, Pangasinan) and Limbauan (40 MWDC, Isabela)—slated for commissioning in late 2025.
What’s your take on PetroEnergy’s strategic pivot to renewables? Could this signal a broader energy transition in the Philippines? Join the conversation.
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