Ayala-led AC Energy Corporation (ACEN) reported that it achieved a consolidated net income of Php2.7 billion for the first half of 2021, a five percent increase from Php2.6billion year-on-year.
The figure includes the results of operations of the firm’s international power assets that have been recently infused by parent AC Energy and Infrastructure Corporation (ACEIC) into ACEN.
However, its second quarter profit went down by 28% to Php1.97 billion from Php1.42 billion year-on-year despite high power sales with the increase in the cost of electricity purchased from the Wholesale Electricity Spot Market during thermal power outages.
Nonetheless, consolidated revenues for the first semester rose 35% to Php13.4 billion. ACEN’s performance was driven by demand recovery from pre-COVID-19 pandemic levels, acquisition of operating projects, and newly operational renewable energy (RE) projects.
Attributable output rose 16% in the first half to 2,224 gigawatt-hours (GWh). This was driven by increased operational capacity from acquisitions and new power plants, as well as recovery in Luzon power demand in May and June, exceeding pre-pandemic levels. Renewable resources accounted for 52% of total energy output during the period.
Attributable capacity as of June 30 rose by 56% to 2,589 megawatts (MW) from 1,659MW in the first half of 2020, with the start of construction of new projects in the Philippines and in Vietnam, and the company’s first projects in India and in Australia. ACEN’s renewables portfolio doubled to 2,070MW in June 2021 from 1,041 MW at the same time last year. With the infusion of international assets, renewables now comprise 80% of the company’s capacity.
AC Energy currently has over 1,000MW of attributable capacity under construction, with over half of the projects expected to be operational within the next 6-12 months.
“We’re very pleased with the significant momentum in our renewables expansion both in the Philippines and around the region. With our robust balance sheet and strong pipeline, the company is well poised to attain our goal of reaching 5,000MW of renewables capacity by 2025,” ACEN President and CEO Eric Francia said in a statement.
In a separate disclosure to the Philippine Stock Exchange (PSE), the Ayalas’ power arm said it appointed Patrice Clausse as head of its International Group.
Clausse is the COO of AC Energy International. He joined Ayala Corporation in May 2010 as an advisor to the Strategy and Business Development team and was a founding member of the AC Energy management in 2011 where he led the business development and operations teams. Currently, he is heading AC Energy’s International business, with focus on Southeast Asia and Australia.
AC Energy will be joining the PSEi on August 16, confirming it as one of the 30 most-publicly traded companies in the country. ACEN aims to be one of Southeast Asia’s largest listed platforms.