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Thursday, March 28, 2024

First Gen’s profit rises 64%

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First Gen Corp., one of the country’s largest power producers, said net income in 2014 surged 64 percent to $193.2 million from $118.1 million in 2013, on higher earnings from natural gas and geothermal power plants.

First Gen said in a disclosure to the stock exchange the improved earnings of the Santa Rita and San Lorenzo natural gas power plants and Energy Development Corp.’s geothermal plants offset the lower income of First Gen Hydro Power Corp.

First Gen’s gas plants accounted for 63.3 percent or $1.205 billion of total consolidated revenues while EDC’s revenues accounted for 34.4 percent or $651.7 million. FG Hydro contributed $36.6 million or 1.9 percent of total revenues.

First Gen’s gas plants registered slightly lower revenues because of the damage on Santa Rita’s 250-megawatt Unit 40 main transformer in February 2014. The facility was re-commissioned in July 2014, after the installation of a new transformer.

This was offset by San Lorenzo’s upgraded capacity, receipt of insurance claims and the full-year contribution of Unit 60’s operations.

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First Gen gas plants contributed $121.5 million to the company’s attributable net income for 2014, higher than the previous year’s $81.9 million.

“First Gen’s thrust to grow its clean and renewable platform has gained significant momentum in 2014. The Bacman and Nasulo geothermal projects of EDC were positive turnaround stories for 2014 and, together with the new 150-MW Burgos wind project, will increase revenues moving forward,” First Gen president Francis Giles Puno said.

Puno said this year, the company would fast track the delivery of the 97-MW Avion natural gas-fired project to help address the power supply shortage.

He said the construction of the 414-MW San Gabriel natural gas plant was progressing well in line with its commercial operation in the dry season of 2016.  The company also plans to proceed with the run-of-river projects in 2015.

“First Gen’s portfolio of power plants plays a vital role in the security of power supply. It is for this reason that we continue to develop and push projects that will provide solutions to the country’s power issues,” Puno said.

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