By Lenie Lectura - August 16, 2019
LOPEZ-LED First Gen Corp. (First
Gen) posted an P8.2-billion recurring net income attributable to shareholders
of the parent in the first six months of the year, up 36 percent from the P5.9
billion posted in the same period last year.
The company’s portfolio of clean
fuel platforms all performed notably during the period, it said. During the
period, it delivered recurring earnings of P8.7 billion at end-June this
year from P4.5 billion in the same period a year ago “due to the higher
electricity sales of its natural gas, geothermal and hydro platforms, foreign
exchange gains, and benefits from deferred income taxes.”
All four gas plants delivered
increased recurring earnings. While the two older plants—the 1,000-megawatt
Santa Rita and the 500-MW San Lorenzo—benefitted from lower operating expenses,
the two newer gas plants—the 420-MW San Gabriel and the 97-MW Avion—generated
higher electricity sales from their respective customers.
From a recurring attributable net
income of the parent of P4.6 billion in the first semester of 2018, the gas
platform generated P5.5 billion for the same period in 2019.
Energy Development Corp. (EDC)
delivered recurring earnings from its geothermal, wind and solar platform of
P2.6 billion in the first half of the year.
The hydro platform likewise
performed well with P0.7 billion for the period as it gained from higher sales
to the Wholesale Electricity Spot Market (WESM) and ancillary services.
First Gen’s consolidated revenues
from the sale of electricity increased by 15 percent to P58.1 billion in the
first semester of the year. The natural gas portfolio accounted for P36.2
billion or 62 percent of its total consolidated revenues. EDC’s
geothermal, wind and solar revenues accounted for P19.6 billion, or 34 percent
of total consolidated revenues.
First Gen Hydro Power Corp., owner
of the 132-MW Pantabangan-Masiway hydroelectric plants, delivered better
revenues at P1.7 billion, as sales to WESM increased in terms of volume and
price.
“First Gen’s focus on clean,
low carbon and renewable energy continues to pay off as our first semester
results overtakes last year’s. For the remainder of the year, we expect all the
platforms to continue to deliver stable earnings,” First Gen President Francis
Giles Puno said.
First Gen is a leading independent
power producer in the Philippines that primarily utilizes clean and indigenous
fuels such as natural gas, geothermal energy from steam, hydroelectric, wind
and solar power.
It has 3,492 MW of installed
capacity in its portfolio which accounts for 21 percent of the country’s gross
generation.
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