First Gen’s recurring earnings down 4% in Q1

Blame it on lower revenues during the period.

First Gen Corporation has reported a 4% decrease in its attributable recurring net income, reaching $77m in the first quarter (Q1) of 2025.

The company said in a bourse filing that its revenue reached $583m in Q1, down 2% from last year. The decline was associated with lower volumes of electricity sold during the quarter across the natural gas and geothermal platforms. 

Specifically, the geothermal portfolio Energy Development Corporation logged lower recurring net income in Q1. This was associated with a decline in revenues due to lower generation volumes as certain plants underwent maintenance activities, lower spot market prices, and the incurrence of new debt. 

Hydroelectric power plant, meanwhile, had a better start in 2025 as the rains from the previous year enabled higher power production. It contributed $11m to recurring earnings in Q1, up 37% from last year.

The natural gas portfolio accounted for 66% of First Gen’s total consolidated revenues, whilst 30% came from EDC’s geothermal, wind, and solar plants. The 4% balance came from the hydroelectric power plants.

“First Gen’s portfolio of power plants are available for dispatch as the country experiences this punishing heat. We have been hard at work in making sure that the vital resources our Company provides are able to deliver, especially during these coming local elections,” First Gen President and COO Francis Giles Puno said.