| THE AYALA WAY

Vol 6 No 40

“ACEN remains committed to lead the energy transition in the Philippines and around the region. We will remain steadfast with our purpose and with our aspirations, notwithstanding the global headwinds and noise besetting sustainable initiatives.”

ERIC T. FRANCIA
ACEN President and CEO

DO WHAT’S RIGHT · INSPIRE EXCELLENCE

More is Possible Through Meaningful Impact

ACEN President and CEO Eric Francia delivers his report to shareholders, with corporate secretary Franchette Acosta, chairman Cezar P. Consing, and assistant corporate secretary Dodjie Lagazo.

The ENEX annual stockholders meeting is led by (from left) corporate secretary Dodjie Lagazo, chairman Gerry Ablaza, president and CEO Eric Francia, and assistant corporate secretary Raissa Villanueva, and attended by members of the board of directors

Underscoring a strong commitment to sustainable stakeholder value and leading the global renewable energy transition, ACEN Chairman Cezar P. Consing expressed optimism that the company is “poised to thrive” despite prevailing and prospective challenges in the sector.

ACEN President and CEO Eric Francia likewise reported the company’s strong financial position and growth momentum. In 2024, ACEN’s net income grew by 27 percent to P9.36 billion and renewables output increased by 25 percent to 5,600 GWh, driven by new operational capacities in the Philippines and Australia. He added that ACEN’s pioneering coal-to-clean initiatives continued to attract global interest and has led to new partnerships, including with Temasek affiliates, GenZero and Keppel Infrastructure, for potential collaboration on the world’s first Transition Credits pilot project.

Shareholders approved the election of the company’s board of directors, which now includes independent directors Christopher Paul Beshouri and David John Nicol, taking the place of outgoing directors, Melinda Ocampo and Garry Lester.

Meanwhile, at the annual stockholders meeting of ENEX, ACEN’s gas exploration arm, chairman Gerardo Ablaza Jr. reported that the company achieved positive equity position through a successful restructuring meant to address the company’s historical negative capital position.

ENEX has two core assets, namely, SC55 (oil and gas exploration), which is still under force majeure due to geopolitical conflict in the West Philippine Sea, and Batangas Clean Energy, which is making steady progress in its planned 1,100-megawatt combined cycle gas turbine project. According to Ablaza, ENEX’s strategy is still focused on unlocking the full potential of these two assets while calibrating “investment spending with current macro conditions and market opportunities in order to optimize long-term value.”