First Gen Corp., one of the country’s largest clean and renewable energy producers, reported a 4.9 percent year-on-year decline in net income for the first quarter of 2025 as lower electricity generation and soft spot market prices weighed on financial results.
In a regulatory filing, the Lopez-led firm said its Q1 net income fell to USD77 million (₱4.49 billion) from USD81 million (₱4.52 billion) during the same period last year. Revenues also slipped by 2.2 percent to USD583 million (₱33.8 billion), compared to USD596 million (₱33.3 billion) in 1Q 2024.
The downturn, the company said, arose primarily from maintenance-related reductions in generation volumes across its natural gas and geothermal platforms, alongside persistently lower spot market electricity prices. These declines were partially offset by stronger output from its hydroelectric assets, which benefited from rainfall in late 2024.
Despite the subdued quarterly performance, president and COO Francis Giles Puno stressed the importance of First Gen’s energy reliability in the current context of extreme heat and the upcoming national elections.
“First Gen’s portfolio of power plants are available for dispatch as the country experiences this punishing heat,” Puno said. “We have been hard at work in making sure that the vital resources our company provides are able to deliver, especially during these coming local elections.”
As of March 2025, First Gen has an installed renewable energy (RE) capacity of 1,651 megawatts (MW) from 28 solar, wind, hydro, and geothermal facilities. It also operates 2,017 MW of capacity from four natural gas-fired power plants, bringing its total generation capacity to 3,668 MW.
Underscoring its long-term strategic vision, the company reaffirmed its commitment to scale up, targeting 13,000 MW of capacity and up to USD20 billion in investments by 2030, as part of its transition to a more sustainable and resilient energy future.
