LOPEZ-LED power producer First Gen Corp. reported Thursday that its attributable net income rose to P12.5 billion from P12.1 billion a year earlier, as stronger renewable energy (RE) earnings helped cushion the impact of last year’s sale of a 60-percent stake in its natural gas portfolio to Prime Infrastructure Capital Inc.
Consolidated revenues surged 88 percent to P68.2 billion in the first nine months from P36.3 billion a year earlier, as subsidiary Energy Development Corp. (EDC) sold more electricity at higher prices. EDC’s geothermal, wind and solar plants accounted for 72 percent of consolidated revenues, while hydropower plants contributed 7 percent.
EDC’s attributable recurring income, excluding hydropower, jumped 179 percent to P6.6 billion from P2.4 billion. Higher electricity sales and prices drove the increase, along with revenue from grid support services provided by three battery storage facilities that began commercial operations between September and December 2025.
Higher interest expenses on borrowings for drilling and expansion pared the gains.
Meanwhile, First Gen’s hydropower business contributed P1.1 billion to recurring earnings in the first nine months, down 17 percent from P1.3 billion a year earlier.
Attributable recurring net income at the 132-MW Pantabangan-Masiway plants fell to P652 million from P672 million, as lower water inflows curbed electricity sales and pushed up replacement power costs.
At the 165-MW Casecnan plant, recurring net income dropped to P407 million from P612 million, also due to higher replacement power costs.
First Gen recorded P5.2 billion as its share of the gas portfolio’s net earnings. A year earlier, it had booked the portfolio’s full net income of P10.3 billion under discontinued operations. Income from investing the sale proceeds also supported earnings.
First Gen president and COO Francis Giles B. Puno said stronger RE earnings and the rollout of battery storage helped sustain profits after the company reduced its stake in the gas business.
