Ian Nicolas Cigaral (Philstar.com) – August 5, 2021 – 11:55 am
MANILA, Philippines – AC Energy Corp. recorded higher profits in the first half, thanks to improved electricity demand and the contribution of its newly operational renewable energy projects.
The Ayala Group’s listed power unit brought in 2.7 billion pesos in the January-June period, up 5% year-on-year, according to a stock exchange disclosure Thursday. AC Energy’s six-month earnings included profits from operating its overseas power assets, which were recently injected into the company by its parent company AC Energy and Infrastructure Corp. (ACEIC).
Investors seemed impressed with the company’s financial results. At 10:59 a.m., shares of AC Energy were trading up 1.65%, offsetting the losses in the main index.
Dissecting the AC Energy report, consolidated revenue in the first six months increased 35% year-on-year to 13.4 billion pesos. The company said local energy demand has recovered – even surpassing pre-pandemic levels – as the economy emerges from pandemic lockdowns, as its new clean energy investments begin to pay off.
“We are very pleased with the significant momentum of our renewable energy expansion in the Philippines and the region,” said Eric Francia, President and CEO of the company.
The recovery in demand was so strong, particularly in Luzon, that AC Energy’s attributable generation increased 16% on an annualized basis to 2,224 gigawatt hours in the first half of the year to meet growing energy needs. Fortunately, AC Energy’s attributable capacity increased 56% year-on-year to 2,589 megawatts as four new power plants at home and abroad began operating.
But the company said six-month revenues would have been higher without the higher electricity prices in the spot market, where it sourced electricity to fill supply gaps during blackouts. thermal electricity.
AC Energy is one of the large companies looking to invest in clean energy, with renewable energies now accounting for 80% of the company’s capacity following the integration of its energy assets abroad. In the first half of the year, renewable sources accounted for 52% of AC Energy’s total production, according to the figures.
The Ayala group plans to completely abandon its investments in coal by 2030.
According to AC Energy, it currently has over 1,000 MW of attributable capacity under construction, with more than half of the projects expected to be operational within the next 6 to 12 months.
In a separate communication to the stock exchange also Thursday, AC Energy said a subsidiary would enter into a joint venture with solar PV developer NEFIN Holding Limited to develop, build and operate rooftop solar projects in Asia.
“With our strong balance sheet and strong pipeline, the company is well positioned to meet our goal of reaching 5,000 MW of renewable energy capacity by 2025,” said Francia.