First Gen Corp. P12.4 billion ($252 million) recurring net income attributable to equity holders last year, flat from 2020.
The company’s consolidated revenues from the sale of electricity last year was 18 percent higher at P106 billion ($2.17 billion) from P91 billion ($1.83 billion) in 2020.
First Gen said it benefited from higher electricity sales from its natural gas and hydroelectric platforms, as well as from higher spot market prices but was offset by lower earnings from Energy Development Corp. due to generation and steam issues.
“First Gen generated higher revenues in 2021 as we saw power demand recover to pre-pandemic levels. Unfortunately, revenue growth was also an effect of higher fuel prices experienced all over the world and the supply restrictions in the grid that reflected in high spot market prices. Our gas-fired plants necessarily ran on liquid fuel to ensure adequate supply for the grid. We are working to address gas supply uncertainty and are confident this will be addressed once our LNG (liquefied natural gas) import terminal operates this year,” said Francis Giles Puno, First Gen president and chief operating officer, in a statement.
Last year, First Gen through its subsidiary, Prime Meridian Power Corp. (PMPC), signed a P2.8 billion three-year term loan facilities with Bank of the Philippine Islands and ING Bank N.V. Manila Branch.
First Gen said that proceeds of the loans will be primarily used to fund the general and corporate working capital requirements of PMPC.
First Gen has a combined capacity of 3,495 MW with a portfolio including natural gas, geothermal, hydro-electric, wind and solar power.
