First Gen Corporation reported flat attributable recurring net income for the first semester of 2025 at $151 million (P8.6 billion) in comparison to $150 million (P8.4 billion) for the same semester in 2024. Energy Development Corporation’s (EDC) geothermal portfolio produced lower recurring net income in the first two quarters of 2025 caused by lower revenues due to a reduction in spot market prices and higher finance charges, which were attributable to the incurrence of new debt to finance EDC’s massive drilling program and growth projects. First NatGas Power Corporation, the owner of the San Gabriel natural gas-fired power plant, likewise experienced a drop in revenues as its power supply agreement with Meralco expired in February 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. We, however, continue to see challenging market conditions with the local economy not performing as strong as expected in 2025,” First Gen president and COO Giles Puno said.
The company generated $1,213 million (P69.3 billion) in revenues for the first half of 2025, a 5% decrease of $65 million (P2.8 billion) from $1,278 million (P72.1 billion) in 2024. The lower revenues are a result of lower volumes of electricity sold during the period in the natural gas platform, particularly San Gabriel. The hydroelectric power plants though enjoyed positive financial momentum in 1H25 as high water levels and increased irrigation requirements enabled higher power production. The natural gas portfolio accounted for 66% of First Gen’s total consolidated revenues, while 30% came from EDC’s geothermal, wind and solar plants. The 4% balance comes from the company’s hydroelectric power plants.
The natural gas power plants reported a 4% decrease in recurring earnings for the first semester of 2025 to $96 million (P5.5 billion) from $100 million (P5.6 billion) in 1H24.
FGEN LNG Corporation earned a recurring net income of $22 million (P1.3 billion) in the first half of 2025 as it billed the natural gas plants for terminal fees.
EDC’s attributable recurring income (ex-hydro) at $34 million (P2.0 billion) in the first half of 2025 was 22% lower than its recurring income of $44 million (P2.5 billion) in 2024. 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 following the execution of its drilling operation program and project expansions.
The hydro platform’s contribution to First Gen’s recurring earnings was at $15 million (P850 million) for 1H25, a 231% surge from its 2024 first semester recurring income of $5 million (P254 million). The attributable recurring net income of the Pantabangan-Masiway power plants outperformed expectations at $13 million (P715 million) from only $4 million (P219 million) last year. Likewise, the Casecnan Power Plant was able to generate sales for the full six months of 2025 that resulted in $2 million (P140 million) of recurring income.
