Higher electricity sales push up earnings of Lopez-led FirstGen

Lopez-led renewable energy firm First Gen Corp. reported a five percent increase in recurring net income to $265 million (P14.3 billion) in 2022.

Revenues reached $2.667 billion (Php 144.1 billion), 23 percent higher than the previous year on higher electricity sales, as well as elevated fuel and Wholesale Electricity Spot Market (WESM) prices.

The company’s natural gas portfolio accounted for 66 percent of its total consolidated revenues, while 31 percent came from Energy Development Corporation’s (EDC) geothermal, wind, and solar plants. The remaining three percent came from First Gen’s hydro plants.

Despite lower earnings in the first nine months, First Gen was able to produce better earnings for the year, thanks to EDC’s strong recovery, stable income from the hydro platform, and the containment of fuel supply curtailment issues from Malampaya.

First Gen has 3,501 megawatts of installed capacity in its portfolio, which accounts for 19 percent of the country’s gross generation.

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