Fueled by stronger hydro generation and profitable LNG operations despite softer power demand, Lopez-led First Gen Corp. (FGEN) saw its attributable recurring net income rise by a modest 3 percent to P12.1 billion in the first nine months of the year, from P11.6 billion a year ago.  

The listed clean energy firm said Tuesday revenues dipped 3 percent to P102 billion from P104.6 billion, mainly due to lower electricity sales from its natural gas platform after the 420-megawatt (MW) San Gabriel plant’s supply deal with Meralco expired in February. 

“As a whole, we were happy to see FGEN’s net income steadily increase this year. This was despite industry dynamics of lower electricity prices and softer demand,” FGEN President and COO Francis Giles B. Puno said. 

“We also continue to negotiate with Meralco for an extension of the Santa Rita Power Purchase Agreement as the plant is critical to the country’s energy security,” he added.

Energy Development Corporation (EDC), its geothermal arm, also recorded reduced revenues following a drop in spot market prices.

Natural gas plants contributed 65 percent of total revenues, while geothermal, wind, and solar made up 31 percent, and hydro 4 percent. 

Recurring earnings from the gas portfolio fell 8 percent to P7.9 billion from P8.5 billion, weighed down by weaker San Gabriel sales despite lower financing costs for the Santa Rita, San Lorenzo, and Avion plants.

FGEN LNG Corp., on the other hand, booked a recurring net income of P1.8 billion as of the third quarter.

The company earlier said Prime Infrastructure Capital, Inc. is acquiring a 60 percent stake in its natural gas-fired plants and LNG terminal, with both parties still working to close the transaction.

EDC’s recurring income, excluding hydro, slid 36 percent to P2.2 billion from P3.4 billion due to lower market prices and higher interest expenses from drilling and expansion projects.

The company is currently completing 83 MW of geothermal growth and 40 megawatt-hours of battery storage capacity.

Hydro operations were the bright spot, with recurring income jumping 65 percent to P1.31 billion from P793 million, led by the Pantabangan-Masiway and Casecnan power plants. 

Pantabangan-Masiway’s earnings surged to P742 million from P170 million, supported by higher reservoir elevation and contract prices, while Casecnan contributed P628 million after being fully integrated in February 2024.