Business performance

In 2022, the Philippine power sector weathered significant challenges. The country, which has a high dependence on coal, was adversely impacted by elevated fuel prices caused by the Russia-Ukraine war. The challenging macroeconomic environment was compounded by natural catastrophes that hit the country during the year. Despite this, ACEN's revenues grew with resurgent post pandemic demand.

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Message from the chairman and president

We welcomed 2022 with renewed optimism as the world resumed economic activity. In the midst of the unprecedented challenges of the pandemic, we saw the opportunity to prime ourselves for a post-pandemic economic recovery. We ramped up our investments in renewable energy across our key markets as we anticipated heightened electricity demand once consumer spending resurges.

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Corporate governance

In leading the charge towards a sustainable future, we pursue continuous improvement of our corporate governance system. We ensure that evolving stakeholder interests, including the growing emphasis on sustainability, are fundamental considerations in our corporate oversight, strategy setting, risk management and decision processes, on top of compliance with laws, standards, and leading practices.

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Energy Transition Mechanism

In November 2022, ACEN completed the first market-based Energy Transition Mechanism (ETM) transaction in the world.

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ACEN Sustainability roadmap

Ayala’s energy group was established in 2011 and was focused on building reliable and affordable power for the Philippines. Thermal-fossil fuel capacity initially accounted for ~90% of its portfolio.

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