MANILA, Philippines – First Gen Corporation, which is led by Lopez, reported a flat return of earnings and lower profit in 2017 because of the fragile spot prices of the market and the damage to the company’s hydroelectric and geothermal platforms which resulted from the major earthquake that occurred in Leyte.
However, First Gen mentioned that it is adjusting up its main business to fortify its forefront position in advancing Philippine’s low-carbon future energy.
It said that its net income return was accredited to holders of equity of the parent rose at 163 million dollars last year, the same record from the past year.
Not including the non-recurring goods, its net income attributed at 134 million dollars, which is 29 million dollars lower compared to an earlier year.
First Gen credited last year’s accomplishment to the break financing cost one-time result brought as an outcome of a 500 million dollars refunding of the 1,000-megawatt power plant of Santa Rita’s long-term dues in May.
It also mentioned the paid premiums for First Gen and its subsidiary company’s, Energy Development Corporation (EDC), buyback of bonds of the denominated dollar, partially.
Energy Development Corporation also incurred typhoon-related and earthquake-related expenses following the natural calamities that hit Leyte last year. In the meantime, the hydroelectric platform of First Gen also suffered due to the weak spot prices of the market.
Regarding its profits, Energy Development Corp. published a 9 percent growth coming from the electricity sales to 1.56 billion dollars from 1.71 billion dollars.
Overall, the portfolio of natural gas credited to 61 percent. The geothermal solar and wind revenues of EDC credited to 37 percent, as First Gen Hydro Power Corporation penned only 2 percent.
The platform of First Gen compose of 4 fire powered natural gas plants: the 1000-megawatt Santa Rita, the 500-megawatt San Lorenzo, 97-megawatt Avion peaking, as well as the 414-megawatt San Gabriel mid-merit plants of gas power.
First Gen Hydro operates and owns the 132-megawatt Pantabangan-Masiway Hydroelectric Power Plant Complex (PMHEP) found in Nueva Ecija.
EDC operates and owns several geothermal power plants, and a solar and wind power plant. EDC has 12 consolidated geothermal power stations throughout Leyte, Bicol, Negros Island, and North Cotabato. Thus, its solar and wind sites are in Burgos, Ilocos Norte.
For 2018, it foresees improved operations following contracts of closing power for several of the company’s assets, and higher spot prices of the market.
EDC is also planning to join in the plan of the government to create a trans-shipment and trading hub in the Philippines via LNG terminal development.
FGen is also developing with the center planning of its liquefied natural gas (LNG) regasification station to be built in its First Gen Clean Energy Complex in Batangas. It will secure the ongoing natural gas stock for its entire power plants of gas-fired, according to Francis Giles Puno, COO, and president of First Gen.
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