ACEN Corp. net income drops 78% to P1.79B amid lower power prices

ACEN Corp. reported a net income of P1.79 billion for the first nine months of the year, marking a 78% decrease compared to P8.14 billion in the previous year.

This profit decline was attributed to lower power spot prices in the Philippines and Australia, weaker solar irradiance, and offline wind plants in northern Luzon.

Excluding non-recurring items, the net income would have shown an 18% decrease, reaching P4.3 billion.

Revenues also fell by 18% to P23 billion, primarily due to softer electricity prices and reduced power generation output.

Despite the weaker financial results, ACEN's attributable renewables output increased by 16% year-on-year to 4,843 gigawatt-hours, driven by new solar and wind assets.

ACEN President and CEO Eric Francia expressed optimism about the company's growth momentum and robust project pipeline, emphasizing a focus on expanding its renewables portfolio and investing in energy storage.