Revenue growth was fueled by higher electricity demand, favorable trading conditions in the Wholesale Electricity Spot Market, and the successful launch of its retail electricity supply unit.
Despite early-year disruptions from the 2023 Mindanao earthquake, the company rebounded, maintaining strong earnings through stable baseload power generation and strategic market expansion.
Management’s view
“In the first quarter of 2024, we faced disruptions caused by the 2023 Mindanao earthquake. Despite this challenge, we demonstrated resilience and achieved a strong recovery, closing the year with solid financial performance,” said ACR deputy chief financial officer Philip Edward B. Sagun.
Energy growth drivers
The 237-megawatt Sarangani Energy Corp., one of Mindanao’s most cost-efficient baseload plants, remained a key contributor to ACR’s revenue.
Ancillary service agreements with Western Mindanao Power Corp. in Zamboanga and Mapalad Power Corporation in Iligan also played a role in boosting earnings.
The company accelerated its renewable energy push, launching its first renewable power plant, the 14.5-megawatt Siguil Hydropower Plant in Sarangani, in 2024.
Its retail electricity supply unit also gained momentum, securing major clients such as Holcim Philippines and Metro Retail Stores Group, with a combined contracted capacity of 43 megawatts.
