First Gen nets $245 million in 2024

MANILA, Philippines — First Gen Corp. of the Lopez Group saw its earnings slide last year due to increased expenses, coupled with lower contributions from its green energy business.

The country’s third-largest power producer reported an attributable recurring net income of $245 million (P14 billion) in 2024, down by 12 percent from $277 million (P15.4 billion) in 2023.

The decline was attributed to the combined impact of lower revenues and higher cash operating expenses of the geothermal business following its drilling operation program last year.

First Gen also incurred more interest expenses with the availment of a P20-billion loan to bankroll the acquisition of the 165-megawatt (MW) Casecnan hydroelectric power plant in Nueva Ecija.

Higher contributions from the natural gas business and the Casecnan plant, however, helped partially offset the declines.

First Gen closed 2024 with $2.41 billion (P137.3 billion) in revenues, slightly lower than the $2.48 billion (P137.7 billion) recorded in the previous year.

The natural gas portfolio accounted for the bulk of the topline at 65 percent.

Renewable power subsidiary Energy Development Corp. had contributed 32 percent of consolidated revenues through its geothermal, wind and solar plants. The balance came from the company’s hydro business.

“First Gen is forging ahead on many fronts to crystallize the uniqueness and value of our clean and renewable portfolio. We are committed to finding solutions to help address the country’s critical issue of energy security,” First Gen president and COO Francis Giles Puno said.