The increase was mainly driven by higher earnings from its hydroelectric portfolio and profitable operations of FGEN LNG Corp., which helped offset weaker results from its natural gas and geothermal segments.
Revenues down
Consolidated revenues reached US$1.79 billion (P102 billion), down 3 percent year-on-year from $1.85 billion (P104.6 billion). The decline stemmed mainly from lower electricity sales at the San Gabriel natural gas-fired plant, whose power supply agreement with Meralco expired in February 2024.
The natural gas platform remained the company’s largest contributor, accounting for 65 percent of total consolidated revenues. Energy Development Corp. (EDC) — First Gen’s geothermal, wind, and solar arm — contributed 31 percent, while hydropower assets made up the remaining 4 percent.
Mixed results across power segments
Recurring earnings from natural gas plants fell 8 percent to $138 million (P7.9 billion), despite higher income from the Santa Rita, San Lorenzo, and Avion facilities, which benefited from lower debt costs. The drag came from San Gabriel’s reduced merchant sales.
Meanwhile, FGEN LNG recorded a $31-million (P1.8 billion) recurring net income, marking a profitable year for its operations. The company continues to work with Prime Infrastructure Capital Inc., which is seeking a 60-percent equity stake in First Gen’s gas and LNG assets.
Hydro surges, EDC lags
EDC’s recurring income (excluding hydro) dropped 36 percent to $38 million (P2.2 billion) on softer spot prices and higher financing costs tied to expansion projects. Still, EDC is completing 83MW of geothermal growth and 40MWh of battery storage projects.
In contrast, the hydro segment’s recurring income soared 65 percent to $23 million (P1.3 billion). The Pantabangan-Masiway and Casecnan plants both benefited from favorable water elevation levels and stronger power supply contracts. —Ed: Corrie S. Narisma
