ACEN posted a 50% increase in first-quarter net income as stronger renewable energy generation across its regional portfolio lifted earnings. The Ayala-led energy firm accelerated battery storage and renewable infrastructure rollouts amid growing focus on energy security and grid reliability.

In a disclosure on Tuesday, ACEN said consolidated net income reached PHP 2.9 billion in the first three months of 2026, up from a year earlier, while attributable renewable energy generation climbed 32% year-on-year to 2,230 gigawatt-hours (GWh). 

The company said the increase in output reflected contributions from newly operational international assets in 2025 and the substantial recovery of its wind operations in Ilocos Norte. 

ACEN’s latest quarterly results also highlighted the growing role of battery energy storage in its expansion strategy as renewable developers move to address grid flexibility and renewable integration challenges.

In Australia, the company said its 200-megawatt New England Energy Storage project entered commissioning in February 2026. Australian renewable generation surged 87% to 528 GWh during the quarter, supported by improved solar irradiance, lower grid curtailment, and contributions from Stubbo Solar’s first full quarter of operations. 

Construction of the 102-MW Jinbi Solar project in Western Australia also commenced in March under ACEN’s Yindjibarndi joint venture. 

In the Philippines, ACEN’s renewable energy plants generated 636 GWh during the quarter, up 29% year-on-year, driven mainly by the recovery of operations at the Pagudpud and Capa wind farms in Ilocos Norte. 

Its retail electricity supply arm, ACEN RES, expanded its customer book to 508 MW and now holds a 57% share of the Green Energy Option Program market. New customers included the Makati City government, Lawson, and Serenitea. 

Core attributable EBITDA, excluding one-off items, rose 20% to PHP 6.7 billion. However, core net income declined 27% year-on-year to PHP 1.4 billion due to higher depreciation and financing costs linked to expansion projects. 

The company’s reported earnings included several non-recurring gains, including a PHP 1.75-billion recovery related to its previous fixed-price supply contract with Manila Electric Company and a PHP 1.4-billion remeasurement gain from the consolidation of its India joint venture platform. These were partly offset by a PHP 1.2-billion provision tied to ongoing tariff reduction discussions involving its Vietnam investments, the company disclosed.

“The current geopolitical crisis has only reinforced our core belief that energy security and the renewables transition are inseparable,” ACEN President and CEO Eric Francia said. 

“This volatility creates both urgency and opportunity. Our capital program remains intact, our pipeline continues to advance and our focus on execution will help ensure delivery of long-term, sustainable returns for our shareholders”, he added.

Meanwhile, ACEN Group CFO and Chief Strategy Officer Jonathan Back said the company remains focused on expanding generation capacity and advancing its construction pipeline.

“While the first quarter of 2026 carried several one-time transactions, their net effect – together with the continued expansion of our renewables generation base – further strengthens our financial foundation. Looking ahead, our priorities remain clear – maximizing output from operating assets, maintaining momentum across our construction pipeline, and managing costs with discipline,” Back said. 

ACEN ended the quarter with total assets of PHP 381.5 billion and cash reserves of PHP 16 billion as it continued deploying capital into renewable energy and energy infrastructure projects across Asia-Pacific. 

Do you think battery energy storage will become the defining investment priority for the next phase of the Philippine power sector’s renewable buildout? Share your thoughts.

Follow Power Philippines on Facebook and LinkedIn or join our Viber community for more news and updates on the Philippine energy sector.