First Gen Corporation, the Lopez Group’s clean and renewable energy provider, reported a 12 percent decline in attributable recurring net income for 2024, amounting to USD245 million (P14.0 billion), compared to USD277 million (P15.4 billion) in 2023.
The decrease was primarily attributed to lower geothermal revenue and higher operational expenses within its geothermal unit, managed through Energy Development Corp. (EDC). The company’s geothermal portfolio faced reduced electricity sales, maintenance-related costs, and higher interest expenses from new debt.
Meanwhile, First Gen’s natural gas portfolio helped cushion some of these losses. The natural gas business generated a 12 percent increase in recurring earnings, totaling USD187 million (P10.7 billion), driven by savings in operating expenses and debt servicing. The 1,000-megaWatt Santa Rita and 500 MW San Lorenzo Power Plants reported improved performance, while the LNG Terminal saw higher recurring income due to increased terminal fees.
First Gen’s revenue for 2024 stood at USD2,408 million (P137.3 billion), marking only a slight 3 percent decline from the previous year’s total of USD2,475 million (P137.7 billion). The natural gas segment contributed 65 percent of the company’s total revenue, with geothermal, wind, and solar plants under EDC accounting for 32 percent.
EDC, on the other hand, experienced a significant 36 percent drop in recurring attributable income, falling to USD75 million (P4.3 billion) from USD119 million (P6.6 billion) in 2023. Despite this, the newly acquired Casecnan Hydroelectric Power Plant, which contributed USD16 million (P891.6 million) in earnings, provided some stability.
Looking forward, First Gen remains focused on strengthening its renewable energy capacity and tackling the Philippines’ energy security challenges.
