First Gen CorporationFirst Gen Corporation reported net income attributable to equity holders of the parent of $200 million for 2016. This was a 19% or a $32 million increase from the $167 million it made in 2015.
The San Gabriel Flex Plant and Energy Development Corporation’s (EDC) 140-megawatt (MW) Bacman geothermal plant booked nonrecurring income in 2016. Moreover, EDC and First Gen Hydro Power Corporation both delivered higher earnings that were supplemented by cost-saving initiatives throughout the company.
The 1,000-MW Santa Rita and the 500-MW San Lorenzo natural gas-fired power plants accounted for $827 million, or 53% of First Gen’s total consolidated revenues. San Gabriel recorded $36 million of income from delay liquidated damages that was partially offset by expenses, while the Avion Peaking Plant generated commissioning income in 2016. The earnings contribution from the natural gas portfolio increased by $21 million to $142 million in 2016.
FG Hydro showed a growth in revenues of $7 million for 2016 versus 2015’s $42 million due to the higher dispatch of its power plants and higher ancillary service sales. Consequently, the attributable earnings contribution of FG Hydro was higher by $5 million, or 60% at $14 million.
On a recurring basis, First Gen’s attributable net income for 2016 was flat at $162 million.
“Though 2016 was a year not without its challenges, it was also the year First Gen achieved its highest net income. We are optimistic that this trend will continue with the addition of our two newest natural gasfired plants—the 414-MW San Gabriel Flex Plant and the 97-MW Avion Peaking Plant—that will deliver fullyear operations this year, alongside marked improvements in the operations of EDC’s 100% renewable portfolio,” First Gen president and COO Francis Giles Puno said.