First Gen income up 4 percent to P15.4 billion in 2023

MANILA, Philippines — Lopez-led power firm First Gen Corp. grew its income by four percent to P15.4 billion in 2023, from the previous year’s profit of P14.3 billion, mainly due to contributions from its geothermal subsidiary Energy Development Corp.

The company’s revenue, however, decreased by seven percent to P137.7 billion from P144.1 billion in 2022 due to lower fuel revenues, a drop in natural gas and liquid fuel prices globally and lower electricity output sold by the natural gas platform.

“EDC and First Gen Hydro Power Corp. also had lower sales volumes though partly offset by higher average selling prices,” the renewable energy provider said.

The natural gas portfolio accounted for 65 percent of First Gen’s total consolidated revenues, while 32 percent came from EDC’s geothermal, wind and solar plants.

The balance came from the company’s hydro plants and its retail electricity supplier First Gen Energy Solutions.

“2023 was a positive year for First Gen as EDC achieved its highest earnings to date, while FGEN LNG started to commission,” First Gen president and COO Francis Giles Puno said.

FGEN LNG Corp. began to generate commissioning revenues from its pre-commercial operations, as it generated revenues of $8 million with a recurring net loss of $20 million.