First Gen Corp. is preparing for the 1,200 megawatts (MW) Sta. Maria natural gas-fired power plant as part of the liquefied natural gas (LNG) terminal being built by its subsidiary, FGEN LNG Corp.
“Sta. Maria is a 1,200 MW natural gas-fired power plant that is part of First Gen’s pipeline of projects. Previously we have pre-invested in certain common infrastructure and currently we are carrying out pre-development works and securing permits for the project,” said Francis Giles Puno, First Gen president and chief operating officer.
Puno said if needed, the project could be online by late 2024 or early 2025.
Earlier this month, First Gen announced a 21 percent surge in its recurring net income attributable to equity holders for the first quarter of the year as it reached P3.8 billion ($78 million) from the previous P3.3 billion ($65 million) for the same period last year.
The company said that it benefited from new contracts, as well as lower operating and interest expenses.
Meanwhile, First Gen’s consolidated revenues from the sale of electricity for the period was almost flat at P23.2 billion ($483 million) from 2019’s P24.4 billion ($481 million).
“The year 2021 is looking to be a better year, although we recognize that the recent surge and newly-imposed lockdowns has made recovery slower. Nonetheless, we want to move forward and work on projects that will support the economy and increase employment,” Puno said.
According to data from the Department of Energy, First Gen has the third largest share in installed generating capacity in the entire country as of October 2020 at 3,567.8 MW or 15 percent of the Philippine’s entire power mix.
The company’s portfolio include natural gas, geothermal, hydro-electric, wind and solar power. – Jed Macapagal
