First Gen income slips to $78m in Q1
The company linked this to a decline in its natural gas and geothermal platforms.
First Gen Corporation (First Gen) posted a recurring net income of $78m in the first quarter of the year, down from $59m.
The company linked this to a decline in its recurring income from its natural gas and geothermal platforms which dropped 27% to $38m and 38% to $17m, respectively.
First Gen reported its 97-megawatt (MW) Avion power plant’s Unit 1 incurred damage in December 2021, and was brought back to operations in February 2022; whilst its 420MW San Gabriel power plant found lower capacity fees due to its de-ration from gas supply restrictions.
The gas platform’s attributable net income to parents, including its non-recurring items, decreased to $43m for 2022 from $57m. The geothermal, wind, and solar platforms also experienced outages due to Typhoon Odette.
Moreover, the hydro platform contributed some $10m to recurring and non-recurring earnings, up from $5m last year. The 132.8MW Pantabangan-Masiway power plants generated higher operating income from their contract with Meralco and merchant sales.
Over the same period, First Gen saw higher revenues from higher electricity sales at $570m, supplemented by the elevated fuel prices and Wholesale Electricity Spot Market prices.