First Gen’s recurring net income flat in H1

Its business units showed mixed results.

First Gen Corporation has reported flat attributable recurring net income for the first half (H1) of 2025 at $151m versus $150m the year prior.

In a statement, First Gen said its Energy Development Corporation (EDC), which handles its geothermal portfolio, produced lower recurring net income in H1 due to lower revenues caused by a reduction in spot market prices and higher finance charges. These were attributable to the incurrence of new debt to finance EDC’s massive drilling program and growth projects.

First NatGas Power Corp., the owner of the 420 megawatt (MW) San Gabriel natural gas-fired power plant, also experienced a drop in revenues as its power supply agreement with Meralco expired in February 2024.

First Gen generated $1.213b in revenues in H1, which was down 5% due to lower volumes of electricity sold during the period in the natural gas platform, particularly San Gabriel. The hydroelectric power plants, meanwhile, enjoyed positive financial momentum as high water levels and increased irrigation requirements enabled higher power production.

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 comes from the company’s hydroelectric power plants.

“First Gen’s steady performance in the first half of 2025 was an achievement as the industry was affected by a softer increase in power demand, as well as lower electricity prices. We, however, continue to see challenging market conditions with the local economy not performing as strong as expected in 2025,” First Gen President and COO Francis Giles Puno said.