ACEN income plunges 60% as output fails to offset soft spot prices

ACEN CORP.’S consolidated net income plunged by 60% in 2025 as lower power prices in the spot market and operational headwinds offset a double-digit increase in renewable energy output.

The Ayala-led energy company reported that its consolidated net income declined to P3.8 billion from P9.36 billion the previous year, while statutory revenues dropped 14% to P32 billion.

“Profitability was weighed down by softer spot prices in the Philippines and Australia, weaker solar irradiation in key geographies, and loss of generation from offline wind assets in Northern Luzon, most of which have since resumed operations,” the company said in a statement on Monday.

Despite the financial contraction, the firm delivered 7,009 gigawatt-hours (GWh) in attributable renewable energy output, a 24% increase driven primarily by new operating assets in Australia and Lao PDR.

International renewable output surged 34% to 5,143 GWh, whereas power production in the Philippines remained relatively flat, increasing by only 2% to 1,866 GWh following repairs to wind turbines in Ilocos Norte.

The company’s bottom line was specifically impacted by a 28% decline in spot prices to P3.6 per kilowatt-hour, which translated to a 7% drop in attributable revenues to P36 billion.

ACEN President and Chief Executive Officer Eric T. Francia said that the macro and sectoral headwinds reflect “the complexities of today’s energy landscape and the long-term energy transition.”

“Despite these headwinds, our core business and long-term outlook remain resilient. As we look ahead, we will continue to prioritize increasing our contracted capacity and accelerating investments in energy storage, while ensuring steady, continued progress on our pipeline projects,” he added.

Group Chief Finance Officer and Chief Strategy Officer Jonathan Back added that the focus for 2026 will remain on “precise execution — operational efficiency, balance sheet strength, and project delivery” to navigate market uncertainties.

In a separate move to bolster its portfolio, ACEN’s board approved additional funding of P1.35 billion for its solar project in Palauig, Zambales.

The project is slated for expansion to increase its capacity to 420 megawatts (MW), contributing to the company’s total attributable renewable energy capacity of 7.1 gigawatts.

At the local bourse on Monday, shares in the company dropped 4.31% to P2.44 apiece. — Sheldeen Joy Talavera