First Gen Corporation, the Lopez Group’s clean and renewable energy firm, said recurring attributable net income for the first half was flat at USD151 million (P8.6 billion) from from USD150 million (P8.4 billion) in the same period last year.
Total revenues dipped 5 percent to USD1.21 billion (P69.3 billion) from USD1.29 billion (P72.1 billion) in 2024, mainly due to lower electricity sales from its natural gas platform—particularly the 420-megaWatt San Gabriel plant, which lost its power supply agreement with Manila Electric Co. in early 2024.
Energy Development Corp. (EDC) saw its geothermal portfolio saw recurring income fall 22 percent to USD34 million (P2.0 billion), dragged down by weaker spot market prices and higher interest expenses from its ongoing expansion and drilling programs.
Hydroelectric plants, however, were a bright spot. The 132MW Pantabangan-Masiway complex exceeded expectations with USD13 million (P715 million) in recurring income—up from just USD4 million (P219 million) in 2024—driven by strong water inflows, increased irrigation demand, and higher reserve market sales.
Natural gas still accounted for 66 percent of First Gen’s revenues, while 30 percent came from EDC’s geothermal, wind, and solar assets, and 4 percent from hydro. FGEN LNG Corp. began commercial operations in January and contributed USD22 million (P1.3 billion) in recurring net income through terminal fees to gas plants.
Despite mixed platform results, First Gen remains anchored in its diversified clean energy strategy, with new capacity additions like the 20MW Tanawon geothermal project supporting long-term growth.
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