First Gen Corp. applied for a 25-year permit to operate and maintain (POM) its liquefied natural gas (LNG) terminal in Batangas City with the Department of Energy.
First Gen subsidiary FGEN LNG Corp. owns and operates an interim offshore terminal (IOT) project in partnership with Tokyo Gas of Japan.
“First Gen has applied already for POM. We have already inspected, including DENR, and at least everything is clear and, they are in fact applying for 25 years, so they are confident,” DOE director for oil industry management bureau Rino Abad said.
The company disclosed to the Philippine Stock Exchange that its LNG terminal already generated revenues from its pre-commercial operations and terminal fees.
FGEN LNG completed the commissioning activities as of end-September 2024. It generated revenues amounting to P3.567 billion mainly from terminal fees charged to the natural gas power plants for the transport, storage and regasification of LNG in the first nine months of 2024.
LNG’s income contribution to First Gen increased to $1 million in the first nine months of 2024 from a net loss of $1.9 million in the same period last year, mainly due to the terminal fees billed to the natural gas plants and towage fees
FGEN LNG, however, posted a net loss of P163.7 million during the period, an increase of P4.5 million, or 2.8 percent, from P159.2-million operating loss in the same period in 2023 due to recognition of foreign exchange losses (reversal from foreign exchange gains last year) and higher provision for income taxes.
First Gen is one of the biggest independent power producers and the leading gas power generation company in the Philippines with about 2,000 megawatts in operating gas assets out of its total 3,668 MW installed capacity.
Its energy portfolio consists of clean and indigenous fuels such as natural gas, geothermal energy from steam, hydroelectric, wind and solar power.
First Gen set a target to grow its portfolio to 13,000 MW by 2030.
