MANILA -- ACEN, the energy unit of the Ayala Group, said its net income reached P4.2 billion in the first half of 2023, a 94 percent increase from last year's figures.

The company said a boost in net generation due to stronger wind projects and higher operating capacity with the testing and commissioning of their new projects.

ACEN said this allowed them to achieve a net selling merchant position, amid strong prices in the Philippine wholesale electricity spot market (WESM).

The company also said its revenues climbed to P20.5 billion from January to June, up 28 percent year-on-year.

ACEN's total attributable renewables output rose 21 percent to 2,052 gigawatts per hour in the first 6 months of this year.

Renewables generation from the Philippines jumped 30 percent to 568 GWh. Their international portfolio, meanwhile generated 1,483 GWh, a 17 percent rise from 2022, driven by strong wind resources in Vietnam and improved capacity factors in Indonesia.

ACEN said it hopes to have 20 GW in attributable renewables capacity by 2030. Currently, the company has a diversified portfolio of 4.3 GW in renewable energy, both operational and under construction, with 1.6 GW in the Philippines, 1.0 GW in Australia, and the rest in Vietnam, Laos, India, and Indonesia.

• ACEN completes first phase of Vietnam solar business acquisition

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