First Gen Corp., a member of Lopez Group, reported a net income of $243 million (P12.8 billion) in 2018, up 51 percent from $161 million in 2017, due mainly to the strong contribution of the company’s natural gas business.
“2018 was an exceptional year for First Gen as we concretized value from the sizable investment made for the modern 420 megawatt San Gabriel natural gas-fired power plant. This was made in anticipation of the market’s increased electricity demand and the need for new cost-competitive power supply to the grid,” said First Gen president and chief operating officer Francis Giles Puno.
First Gen’s natural gas business delivered recurring earnings of $186 million (P9.7 billion) from $120 million (P6 billion) in the previous year.
“The 1,500 MW Santa Rita and San Lorenzo natural gas-fired plants continued their reliable performance incorporating the technical upgrades we have invested in over the years that effectively reduced the power rates to consumers,” Puno said.