First GenFirst Gen Corporation ended the first half of 2021 with an 11% improvement to P7.1 billion ($148 million) in recurring net income attributable to equity holders from the operations of its 3,495-megawatt (MW) clean, low-carbon and renewable portfolio.

First Gen had P6.7 billion ($133 million) in recurring earnings from the same period in 2020.

“Power demand bounced back to pre-pandemic levels despite the limitations brought about by the persistently slow recovery of the economy. Brownouts experienced in the second quarter of 2021 highlight the importance of keeping our portfolio properly maintained and running,” said First Gen president and COO Giles Puno.

“We are steadily progressing with constructing the country’s first LNG [liquefied natural gas] terminal for delivery in 4Q2022. We are also working to deliver more power projects across our portfolio despite the uncertainty surrounding the market and its accompanying business risks,” Puno added.

The natural gas platform delivered a 21% increase in recurring earnings for 1H21 to P5.2 billion ($107 million) from P4.5billion ($88 million) in 1H20. From an attributable net income to parent of P4.5 billion ($88 million) in the first semester of 2020, the gas platform’s contribution increased to P5.2 billion ($108 million) for 1H21.

Energy Development Corporation (EDC) contribute recurring attributable earnings from its geothermal, wind and solar platform amounting to P2.3 billion ($47 million) as of June 30, 2021, only 3% lower in comparison to the P2.4 billion ($48 million) it earned in 1H20. The renewable energy company’s attributable net income to parent of P2.2 billion ($46 million) for the first six months of 2021 was hardly changed from the same period in 2020.

The hydro platform’s recurring earnings contribution grew to P0.3 billion ($6 million) for 1H21. The platform’s attributable earnings in 1H21 were likewise higher at P0.3 billion ($6 million) from P0.2 billion ($5 million) in the same period last year.

First Gen’s consolidated revenues from the sale of electricity in 1H21 were higher at P50.8 billion ($1,054 million), a 12% upward movement of P3.1 billion ($115 million) from P47.7 billion ($939 million) in the first semester of 2020.

The natural gas portfolio accounted for 58% of First Gen’s total consolidated revenues. EDC’s geothermal, wind and solar revenues accounted for 36%, while the hydro plants accounted for 5%.