First Gen nets $233.4M as it counters supply woes

A bigger volume of electricity sold in the first semester pushed First Gen Corp.’s net income to $233.4 million, almost double the $120.6 million in the same period last year, amid a supply crunch caused by power plant outages in the summer months.

First Gen said in a statement it saw higher electricity sales from its natural gas, geothermal and hydro platforms, foreign exchange gains and benefits from deferred income taxes.

Consolidated revenues from power sales alone increased 15 percent to $146 million from $963 million in the first half of 2018.

First Gen’s natural gas-fired generators accounted for 62 percent or $692 million of the $1.1-billion total revenues.

Also, gas-based revenues were 16-percent higher in the first six months of 2019 mainly due to higher natural gas prices and the higher combined dispatch of the plants.

First Gen has in its portfolio four gas-fired power facilities, the 1,000-MW Sta. Rita complex, 500-MW San Lorenzo facility, 414-MW San Gabriel plant and the 97-MW Avion plant, all of which are in Batangas.

Further, Energy Development Corp.’s  renewable energy assets—including geothermal, wind and solar—accounted for one-third of consolidated revenues at $374 million, up 19 percent from $315 million. Revenues from First Gen Hydro Power Corp. revved up 43 percent to $33 million thanks to improved sales at the spot market.

“For the remainder of the year, we expect all the platforms to continue to deliver stable earnings,” First Gen president and chief operating officer Francis Giles B. Puno said.

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