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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