Renewable energy producer First Gen Corp. said Monday recurring net income amounted to P3 billion ($59 million) in the first quarter, a decline of 25 percent from P3.8 billion ($78 million) in the same period last year.
First Gen said in a disclosure to the stock exchange its natural gas and geothermal platforms suffered from a drop in operating income.
First Gen president and chief operating officer Francis Giles Puno said the company generated more power in the first quarter following the commercial operations of Energy Development Corp.’s 3.6-megawatt Mindanao 3 plant in March.
“However, both Avion and EDC were affected by unplanned outages. In EDC’s case, it led to high replacement power costs as Typhoon Odette debilitated transmission capacity despite the plants’ ability to produce power. EDC was able to wheel out its power by mid-January,” Puno said
He said the natural gas power plants were affected by gas interruptions at the Malampaya field, resulting in the importation of expensive liquid fuel.