Buoyed by gradual rebound in electricity demand in the Luzon grid, the consolidated net income attributable to parent firm of AC Energy Corporation (ACEN) jumped 22 percent to P4.3 billion within nine-month period this year from P3.5 billion in a parallel timeframe last year.
On stream of revenues, this went up 24-percent to P18.9 billion within January-September stretch this 2021 versus the year-ago level of P15.3 billion.
“The continued recovery of electricity demand in Luzon, as well as the growth in new operating capacity from recent acquisitions and greenfield projects contributed to ACEN’s noteworthy performance,” the Ayala-led firm said.
It nevertheless qualified that “the higher cost of purchased power - due to elevated spot market prices, tempered the company’s earnings before interest, taxes and depreciation (EBITDA),” albeit that had still risen by 13-percent to P9.4 billion compared to 2020.
Cora Dizon, chief finance officer and treasurer of ACEN, noted that the company’s “robust financial and operating performance is largely driven by various capacity expansion initiatives,” and underpinned by a strong balance sheet.
“Our recent US$400 million fixed-for-life perpetual green bond offering, in addition to our previous equity issuances and liability management deals, further ensure our ability to grow the business,” she stressed.
The company highlighted that it “continues to be a direct beneficiary of the steady resurgence in consumer confidence in both the Philippines and the Asia Pacific.”
According to Eric Francia, president and CEO of AC Energy, the attributable output of the company went up by 17-percent within the nine-month period to 3,378 gigawatt-hours; and the main driver had been its renewable energy (RE) generation that had grown by 13-percent; and that was complemented by the 20-percent hike on its Philippine power capacity.
“The company continues to aggressively roll out renewable energy investments in the Philippines and across the region, and is well positioned to address the tightening supply-demand dynamics, as electricity demand continues to recover and fossil fuels become more expensive,” Francia said.
To date, the attributable capacity of AC Energy stands at 2,875 megawatts – and these account for the power generation assets in the Philippines and in offshore Asian markets. Of the aggregate capacity build-up of ACEN, the sizeable fraction of 1,908MW accounts for facilities that are already in operations; while the balance are ongoing projects.
And with the recent unloading of shares of its partner-firm UPC Renewables, the Ayala firm indicated that its attributable capacity will be further reinforced with 154MW capacity addition.