<\/p>\n
ACEN CORP. posted a 49.9% increase in first-quarter attributable net income, supported by power supply agreement (PSA) recoveries, India-related gains, and better electricity revenues.<\/p>\n
In a regulatory filing released Tuesday, the Ayala-led energy company said attributable net income rose to P2.92 billion within the January-to-March period from P1.95 billion a yr earlier.<\/p>\n
Revenue from sale of electricity climbed 42.2% to P10.74 billion from P7.55 billion previously, driven by higher revenues from power supply contracts and power generation and trading activities.<\/p>\n
Total attributable renewable energy output rose 32% yr on yr to 2,230 gigawatt-hours (GWh), while Philippine renewable energy generation increased 29% to 636 GWh due mainly to the recovery of operations in Ilocos Norte because the Pagudpud and Capa wind farms returned to near-full operations.<\/p>\n
ACEN said year-on-year results were \u201csignificantly influenced by several material, largely non-cash, one-off items.\u201d<\/p>\n
Amongst the important thing contributors to earnings was the Energy Regulatory Commission\u2019s approval of price adjustments for ACEN\u2019s baseload and mid-merit power supply agreements with Manila Electric Co. (Meralco), allowing the recovery of incremental fuel costs linked to the 2022-2023 coal price surge.<\/p>\n
\u201cThe approval resulted in a major positive pre-tax impact on earnings within the period, partially reversing prior margin pressure from elevated fuel costs,\u201d the corporate said.<\/p>\n
The corporate also benefited from the acquisition of the remaining 50% stake in Unlimited Renewables Holdings B.V. (URH), which resulted in ACEN gaining full ownership of its India platform.<\/p>\n
\u201cThe transaction generated a gain from remeasurement of the previously held interest and recognition of goodwill, partly offset by the write-off of uncollected guarantee fees from prior years,\u201d ACEN said.<\/p>\n
Nevertheless, ACEN also booked a provision related to developments in Vietnam after state-owned utility Vietnam Electricity (EVN) applied revised payment practices for certain renewable energy projects.<\/p>\n
The corporate said the availability \u201creflects management\u2019s best estimate of the antagonistic financial impact based on available information as of the reporting date, and should increase or decrease depending on the ultimate final result of discussions with EVN.\u201d<\/p>\n
ACEN said it had recognized a provision of P1.19 billion to reflect the potential downside impact from reduced future money flows arising from developments in Vietnam.<\/p>\n
The corporate likewise said goodwill arising from the consolidation of Vietnam Wind Energy Limited Group \u201cwas fully impaired in the identical period as a result of prevailing economic and regulatory conditions in Vietnam, leading to a net negative earnings impact.\u201d<\/p>\n
\u201cThis volatility creates each urgency and opportunity. Our capital program stays intact, our pipeline continues to advance and our concentrate on execution will help ensure delivery of long-term, sustainable returns for our shareholders,\u201d ACEN President and Chief Executive Officer Eric T. Francia said.<\/p>\n
As of March 31, ACEN had 7,083 megawatts (MW) of attributable renewable energy capability in operation and under construction. Of the entire, 4,293 MW were operational while 2,790 MW were under construction.<\/p>\n
The corporate said its India platform now includes a totally owned 1,059-megawatt direct current diversified portfolio and \u201ca pipeline of nearly 7 GW of renewable energy projects across India,\u201d reinforcing its long-term expansion plans available in the market.<\/p>\n
\u201cLooking ahead, our priorities remain clear \u2014 maximizing output from operating assets, maintaining momentum across our construction pipeline, and managing costs with discipline,\u201d ACEN Group Chief Finance Officer and Chief Strategy Officer Jonathan Back said.<\/p>\n
In March, ACEN\u2019s Bijapur Wind project in Karnataka, India secured a 7.517-billion Indian rupee green term loan from Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp. to partially fund the development of the project\u2019s 100-MW Phase 1.<\/p>\n
The corporate also disclosed plans to support the event of a 35-MW battery energy storage system project in Zambales through as much as P850 million in short-term financing for subsidiary Palauig Solar 1, Inc.<\/p>\n
ACEN earlier confirmed a BusinessWorld<\/i> report stating that its 2026 capital expenditures (capex) could exceed P80 billion, although the quarterly filing didn’t disclose a final capex goal for the yr.<\/span><\/p>\n On Tuesday, shares in ACEN fell 1.47% or five centavos to shut at P3.34 apiece. \u2014 Sheldeen Joy Talavera<\/b><\/p>\n<\/p><\/div>\n <\/p>\n","protected":false},"excerpt":{"rendered":" THE SITARA SOLAR PLANT in Rajasthan. \u2014 ACENRENEWABLES.COM ACEN CORP. posted a 49.9% increase in first-quarter attributable net income, supported by power supply agreement (PSA) recoveries, India-related gains, and better electricity revenues. In a regulatory filing released Tuesday, the Ayala-led energy company said attributable net income rose to P2.92 billion within the January-to-March period from […]<\/p>\n","protected":false},"author":1,"featured_media":333769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[18727,4253,56,11502,953,2078,33512],"class_list":["post-333768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-acen","tag-gains","tag-india","tag-jumps","tag-profit","tag-psa","tag-recoveries"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/333768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/comments?post=333768"}],"version-history":[{"count":2,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/333768\/revisions"}],"predecessor-version":[{"id":333771,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/333768\/revisions\/333771"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media\/333769"}],"wp:attachment":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media?parent=333768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/categories?post=333768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/tags?post=333768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}