Lopez-led First Gen Corp. reported a flat attributable recurring net income of $151 million for the first half of 2025 from $150 million for the same period in 2024.
“First Gen’s steady performance in the first half of 2025 was an achievement as the industry was affected by a softer increase in power demand, as well as lower electricity prices,” said First Gen president and chief operating officer Francis Giles Puno.
“We, however, continue to see challenging market conditions with the local economy not performing as strong as expected in 2025.”
Energy Development Corp.’s (EDC) geothermal portfolio produced lower recurring net income in the first two quarters.
This was due to lower revenues from a reduction in spot market prices and higher finance charges from new debt used to finance EDC’s massive drilling program and growth projects.
First NatGas Power Corp., which owns the 420-megawatt San Gabriel natural gas-fired power plant, also saw a drop in revenues after its power supply agreement with Meralco expired in February 2024.
The company generated $1.213 billion in revenues for the first half, a 5 percent decrease from $1.278 billion in 2024. The lower revenues were a result of lower volumes of electricity sold from the natural gas platform, particularly San Gabriel.
Meanwhile, the hydro power plants enjoyed positive financial momentum during the period as high water levels and increased irrigation requirements enabled higher power production.
The natural gas portfolio accounted for 66 percent of First Gen’s total consolidated revenues, while 30 percent came from EDC’s geothermal, wind and solar plants. The remaining 4 percent came from the company’s hydroelectric power plants.
The natural gas power plants reported a 4 percent decrease in recurring earnings for the first half, to $96 million from $100 million in 2024.
First Gen said the depressed earnings from San Gabriel’s merchant sales position outweighed the higher recurring earnings of the 1,000-megawatt Santa Rita Power Plant, the 500-megawatt San Lorenzo Power Plant and the 97-megawatt Avion Power Plant.
The higher earnings were mostly from savings on interest expenses from lower outstanding debt and fewer operating expenses.
FGEN LNG Corp., which owns the LNG terminal in Batangas, also started contributing revenues when it began commercial operations last January. It earned a recurring net income of $22 million in the first half by billing the natural gas plants for terminal fees.
EDC’s attributable recurring income reached $34 million during the period, 22 percent lower than its recurring income of $44 million year-over-year.
The geothermal power plants under EDC generated lower sales and operating income due to a reduction in electricity prices, as well as higher interest expenses from more debt.
The debt was taken on following the execution of its drilling operation program and project expansions. EDC has 83 megawatts of geothermal growth and a 40-megawatt-hour peak of battery and energy storage projects this year.
The hydro platform’s contribution to First Gen’s recurring earnings was $15 million, a 231 percent surge from its 2024 first half recurring income of $5 million.
The attributable recurring net income of the 132-megawatt Pantabangan-Masiway power plants outperformed expectations at $13 million from only $4 million last year. The 165-megawatt Casecnan Power Plant was also able to generate sales for the full six months, resulting in $2 million of recurring income. The takeover of the Casecnan Power Plant took place on Feb. 26, 2024.
