ACEN Corporation reported a consolidated net income of PHP763 million for the first half of 2025, down 88 percent from the same period last year. The decline was primarily attributed to a PHP2.7 billion impairment related to wind assets in Vietnam. Stripping out this one-time item, net income still fell by 24 percent, as the company faced lower spot market prices and increased depreciation costs.

In the Philippines, ACEN’s renewable energy generation totaled 928 GWh in the first half, which marks a 9 percent year-on-year decline. The drop was due to weaker solar irradiance and ongoing wind turbine repairs at the 160 MW Pagudpud Wind and 70 MW Capa Wind projects. The company said most of the affected capacity is expected to be restored by the fourth quarter, ahead of the next high wind season.

ACEN also pointed to a challenging spot market environment in the country. Average prices in the Wholesale Electricity Spot Market (WESM) dropped 32 percent to PHP3.80 per kilowatt-hour during the period. This was driven by cooler weather, slower demand growth, and increased power supply. The price dip impacted ACEN’s net selling position of 1,122 GWh.

ACEN’s domestic retail electricity unit, ACEN Renewable Energy Solutions (RES), continued to expand its footprint. As of the second quarter, its contracted capacity grew to 427 MW across 679 customers from sectors such as education, finance, and logistics. The company remains the leading supplier under the Department of Energy’s Green Energy Option Program (GEOP), delivering 53 percent of the total energy supplied under the scheme.

Progress also continues on ACEN’s major development projects down its pipeline. Construction is underway for the 345 MW first phase of the Quezon North Wind project, with the dedicated jetty port nearing completion and earthworks ongoing. In May, ACEN entered into an agreement with Copenhagen Infrastructure Partners for a proposed 1 GW offshore wind project in Camarines Sur, which is currently under pre-development and subject to regulatory approvals.

“We continue to face macro and sectoral headwinds in 2025, underscoring the challenges of energy transition,” said ACEN President and CEO Eric Francia. “The company’s underlying health and long-term prospects remain robust, and we have been leveraging opportunities to increase contracted capacities and expand investments in energy storage.”

ACEN retained its membership in the FTSE4Good Index for the third consecutive year in July, reaffirming its adherence to global environmental, social, and governance (ESG) standards.

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