Lopez Group-led First Gen Corp. on Tuesday reported a 4-percent decrease in attributable recurring net income for the first quarter to $77 million (P4.49 billion) from $81 million (P4.52 billion) in the same quarter in 2024 due to lower volumes sold by its natural gas and geothermal platforms.
First Gen said in a disclosure to the Philippine Stock Exchange that Energy Development Corp. (EDC) geothermal portfolio produced lower recurring net income.
First NatGas Power Corp., the owner of the 420-megawatt San Gabriel natural gas-fired power plant, also continued to experience a drop in revenues as its power supply agreement with Meralco expired last February 2024.
First Gen said its revenues posted a slight 2-percent decline to $583 million (P33.8 billion) in the first quarter from $596 million (P33.3 billion) in 2024 as a result of lower volumes of electricity sold from its natural gas and geothermal platforms.
Hydroelectric power plants had a better start in 2025 as the rains from the previous year enabled higher power production.
“First Gen’s portfolio of power plants are available for dispatch as the country experiences this punishing heat. We have been hard at work in making sure that the vital resources our Company provides are able to deliver, especially during these coming local elections,” First Gen president and chief operating officer Francis Giles Puno said.
The natural gas portfolio accounted for 66 percent of First Gen’s total consolidated revenues, 30 percent came from EDC’s geothermal, wind, and solar plants while the remaining 4 percent came from the hydro power plants.
The natural gas power plants reported a 7-percent increase in recurring earnings for the first quarter to $46 million (P2.7 billion) from $43 million (P2.4 billion) in the first quarter of 2024.
The 1,000-MW Santa Rita power plant, 500-MW San Lorenzo power plant and the 97-MW Avion power plant all reported higher recurring earnings due mostly to savings on interest expenses from their lower outstanding debt. The San Gabriel power plant, however, posted lower earnings resulting from its merchant sales position.
