First Gen Corporation reported a 28% increase in attributable recurring net income in the first nine months of 2023 to $249 million (P13.8 billion) in comparison to $194 million (P10.2 billion) in the previous year.

Energy Development Corporation’s (EDC) geothermal portfolio continued to deliver markedly higher earnings from its better operating income stemming from higher electricity prices. The natural gas portfolio likewise delivered a slight increase in earnings from the 420-megawatt (MW) San Gabriel and the 97-MW Avion facilities. The parent also benefited from higher interest income due to high yields from its internally generated cash.

First Gen reported $1,891 million (P104.7 billion) in revenues in the first three quarters of 2023, a decrease of $105 million (P572 million) from $1,996 million (P105.2 billion) from the same period of 2022. The slightly lower revenues are mostly a result of a drop in natural gas and liquid fuel prices, lower liquid fuel usage and the 132-MW Pantabangan-Masiway facilities’ lower contracted revenues.

The natural gas portfolio accounted for 65% of First Gen’s total consolidated revenues while 33% came from EDC’s geothermal, wind and solar plants. The remaining 2% balance came from the company’s hydro plants.

The natural gas platform reported a 4% increase in recurring earnings for the first nine months of 2023 to $147 million (P8.1 billion) from $142 million (P7.5 billion) in 2022.

EDC’s recurring earnings at $104 million (P5.7 billion) for the first three quarters of 2023 were 58% higher than its recurring income of $66 million (P3.5 billion) in 2022.

The hydro platform’s contribution to First Gen’s recurring earnings was at $5.7 million (P316 million) for the first nine months of 2023, a decline of 12% from its 2022 recurring income of $6.5 million (P341 million) for the same period.

“The First Gen portfolio continues to deliver a positive performance in 2023 and there are still a few more milestones that we expect to achieve towards the end of year, including the commercial operations of our LNG [liquefied natural gas] terminal at the First Gen Clean Energy Complex. Further, we expect the closing and turnover by PSALM [Power Sector Assets and Liabilities Management Corporation] of the 165-MW Casecnan Hydroelectric Power Plant in early 2024,” First Gen president and COO Giles Puno said.