First Gen Corporation (First Gen), the Lopez Group’s clean and renewable energy provider, reported a 4% decrease in attributable recurring net income for the first quarter of 2025, amounting to US$77 million (Php 4.49 billion), compared to US$81 million (Php 4.52 billion) in the same period of 2024.
The decline was primarily driven by lower revenues from Energy Development Corporation’s (EDC) geothermal portfolio due to reduced generation volumes caused by maintenance activities, lower spot market prices, and increased debt.
Additionally, First NatGas Power Corp.’s revenues dropped following the expiration of its power supply agreement with Meralco in February 2024.
Revenue Performance
First Gen generated US$583 million (Php 33.8 billion) in revenues during the first quarter of 2025, reflecting a slight 2% decrease from US$596 million (Php 33.3 billion) in 2024.
The reduction was attributed to lower electricity sales across the natural gas and geothermal platforms.
However, hydroelectric power plants performed better due to favorable rainfall from the previous year.
Revenue contributions by platform:
- Natural Gas: 66%
- Geothermal, Wind, and Solar: 30%
- Hydroelectric: 4%
- Earnings Highlights
Natural Gas Portfolio: Recurring earnings increased by 7% to US$46 million (Php 2.7 billion) from US$43 million (Php 2.4 billion) in 1Q24, driven by lower interest expenses from reduced debt.
FGEN LNG Corporation: Contributed US$7 million in recurring net income following the start of commercial operations in January 2025.
EDC Geothermal Portfolio: Recurring income declined by 22% to US$20 million (Php 1.2 billion) due to lower electricity prices, reduced sales, and higher interest expenses from project expansions.
Hydroelectric Portfolio: Recurring earnings surged by 37% to US$11 million (Php 619 million) from US$8 million (Php 435 million) in 1Q24, bolstered by the full-quarter contribution of the 165MW Casecnan Power Plant and higher electricity sales from the 132MW Pantabangan-Masiway power plants.
First Gen’s portfolio of power plants remains fully operational to meet the country’s energy demands during the summer heat and the upcoming local elections.
First Gen’s portfolio of power plants is available for dispatch as the country experiences this punishing heat.
We have been hard at work in ensuring that the vital resources our Company provides can deliver, especially during these coming local elections,” said First Gen President and COO Francis Giles B. Puno.
