First Gen Corp. reported a 9 percent decline in its attributable recurring net income for the first quarter of 2024 at $81 million (P4.5 billion), from $89 million (P4.9 billion) in the same period last year.
The company generated $596 million (P33.3 billion) revenues for the first three months of 2024, also 9 percent lower than the $652 million (P36 billion) recorded a year ago.
First Gen said the decline in revenues was driven by lower volumes of electricity sold during the quarter across all platforms except for the hydro platform due to the addition of the 165 megawatts (MW) Casecnan power plant in its portfolio.
Energy Development Corp., its geothermal focused subsidiary, posted lower recurring net income versus the same period last year on the back of a decline in revenues due to lower power prices and an increase in operating expenses, First Gen added.
First Gen subsidiary First NatGas Power Corp. also reported lower revenues as its power supply agreement with Manila Electric Co. expired last February.
Meanwhile, FGEN LNG Corp. generated commissioning revenues from its pre-commercial operations and a recurring net income of $6 million in the first quarter.
First Gen has a combined capacity of 3,666 MW with a portfolio utilizing natural gas, geothermal, hydroelectric, wind and solar power technologies.
The power generation company aims to grow its total capacity to 13,000 MW in the next six years and spend as much as $20 billion until 2030.
First Gen earlier said its subsidiary Energy Development Corp. (EDC), which operates the Bacon-Manito geothermal facility in Bicol, will supply clean energy to Murata’s unit here, Philippine Manufacturing Co. of Murata, Inc. (PMM). Supplying PMM’s factory from Bacon-Manito geothermal plant is aligned with Murata’s shift to 100 percent RE in all its offices and facilities across the globe by 2050.
