First Gen Corporation reported a 12% decrease in attributable recurring net income for 2024 at $245 million (P14.0 billion) in comparison to $277 million (P15.4 billion) in 2023.

First Gen’s geothermal portfolio, through Energy Development Corporation (EDC), reported a combined decline in revenue and an increase in cash operating expenses as it focused on its drilling operation program in 2024. The parent likewise incurred higher interest expenses following its availment of a P20-billion loan to purchase the Casecnan Hydroelectric Power Plant. Higher profits from the natural gas business and Casecnan were able to partially offset the declines.

The company generated $2,408 million (P137.3 billion) in revenues in 2024. This was only 3% lower in comparison to revenues generated of $2,475 million (P137.7 billion) in 2023. The natural gas portfolio accounted for 65% of First Gen’s total consolidated revenues, while 32% came from EDC’s geothermal, wind and solar plants. The balance comes from the company’s hydro business unit.

The natural gas business unit reported a 12% increase in recurring earnings for 2024 to $187 million (P10.7 billion) from $166 million (P9.2 billion) last year.

EDC’s recurring attributable income (ex-hydro) at $75 million (P4.3 billion) for 2024 was 36% lower than its recurring attributable income of $119 million (P6.6 billion) in 2023.

The hydro platform’s contribution to First Gen’s recurring earnings was at $19 million (P1.1 billion) for 2024. The Casecnan Plant contributed $16 million (P891.6 million) after its turnover to First Gen in February 2024.

This offset the slightly lower recurring income of the Pantabangan-Masiway Hydro Power Plants of $3 million (P174.4 million) from $4 million (P224.5 million) in the previous year.

“First Gen is forging ahead on many fronts to crystallize the uniqueness and value of our clean and renewable portfolio. We are committed to find solutions to help address the country’s critical issue of energy security. On the gas side, we will be receiving our seventh LNG cargo since the start of our terminal’s operations in the second half of 2023. We expect LNG supply deliveries in April and May to address the increased electricity demand during the hot summer months. Our gas-fired plants should benefit from the newly enacted Natural Gas Law, but we are reviewing our options for the 1,000-MW Santa Rita power purchase agreement which expires in August. Meanwhile, we are also focused on the benefits of completing our geothermal drilling campaign and commissioning of our growth project. This will provide 24/7 baseload renewable energy electricity to our growing customer base,” First Gen president Giles Puno said.