ACEN net income reaches US$236m in 2022

This is up from US$94.9m in 2021.

Philippine-based energy firm ACEN reported its net income attributable to equity holders climbed to P13.1b, approximately US$236m, in 2022. 

This included a P8.6b, or US$155.5m, net impact from accounting adjustment and provisions. This is also an improvement from only P5.25b or around US$94.9m worth of net income in 2021. 

“In 2022, the Philippine power sector weathered significant challenges caused by our country’s continued dependence on high-priced coal and unserved power demand, and as a result, we felt the impact of the high cost of power,” Eric Francia, ACEN President, and CEO, said.

“With 700 megawatts (MW) in new capacity expected to come online in the Philippines by the end of the year and another 521MW of new capacity commencing operations in Australia, we expect to move into a net selling merchant position and be on a stronger footing in 2023.”

Read more: ACEN's successful ETM deal marks a new era for coal divestment

Over the same period, ACEN’s revenue grew 35% to P35.2b, or US$637m. 

ACEN currently has around 4,000MW of attributable renewables capacity in operation and under construction across the Philippines and the region.