November 12, 2025 | 12:00am
MANILA, Philippines — Lopez-led First Gen Corp. reaped the rewards of its hydropower investments, which fueled its earnings growth from January to September and cushioned the impact of a softer gas segment.
The company reported an attributable net income of $215.4 million in the three quarters, up by four percent compared to last year’s $207 million.
Attributable recurring profit rose by three percent to $212 million from $205 million, while revenues slipped by three percent to $1.79 billion from $1.85 billion.
“As a whole, we were happy to see First Gen’s net income steadily increase this year. This was despite industry dynamics of lower electricity prices and softer demand,” First Gen president and COO Francis Giles Puno said.
From January to September, the hydro platform’s contribution soared by 65 percent to $23 million from $14 million a year ago following robust results from the 132-megawatt (MW) Pantabangan-Masiway plant.
The growth was mainly attributed to a higher starting water elevation and irrigation that resulted in increased volume of electricity sold.
The 165-MW Casecnan plant, which the group took over in February 2024, also generated sales, chipping in $11 million in recurring earnings.
In the natural gas business, First Gen posted an eight-percent drop in recurring earnings to $138 million from $149 million.
The company’s 1,000-MW Santa Rita, 500-MW San Lorenzo and 97-MW Avion gas plants all recorded robust results. The depressed income from the 420-MW San Gabriel plant, however, weighed on the portfolio.
San Gabriel’s supply agreement with power utility giant Manila Electric Co. (Meralco) expired in February last year.
Currently, only the Santa Rita and San Lorenzo plants have existing supply deals with Meralco.
“We also continue to negotiate with Meralco for an extension of the Santa Rita power purchase agreement, as the plant is critical to the country’s energy security,” Puno said.
As for subsidiary Energy Development Corp. (EDC), recurring income contribution went down by 36 percent to $38 million from $60 million.
The geothermal portfolio managed by EDC was said to have generated lower sales and operating income due to a decline in spot market prices.
Through EDC, First Gen owns the largest geothermal portfolio in the Philippines, operating at least 13 plants with a combined capacity of about 1,200 MW.
