“While we are grateful that First Gen was marginally affected by the decline in power demand resulting from the pandemic, we are still looking forward to a better 2021.
Not only do we expect the country to climb its way up to recovery, but we are also preparing for this by, among other things,commencing the construction of the country’s first LNG terminal next month which puts the company in a good position for expanding its gas portfolio especially after the recent DOE coal moratorium,” said First Gen president and COO Francis Giles B. Puno.
FirstGen reported a seven percent drop in net income last year to P13.7 billion, mostly coming from the operations of its 3,492 megawatt clean, low-cargo and renewable portfolio. It managed to post a profit amid lower operating expenses and interest expenses as well as foreign exchange gains.
The natural gas platform registered a seven percent decline in earnings to P9.3 billion. The 420 megawatt San Gabriel power plant had an unplanned outage in September and incurred higher income taxes.
Energy Development Corp. contributed P5.3 billion to groupwide earnings, up five percent year on year on lower operating expenses.
Consolidated revenues from the sale of electricity fell by P20.6 billion or 15% to P91.2 billion as all of the company’s platforms were affected by the decline in demand brought by the pandemic that resulted in lower power prices.
The natural gas portfolio accounted for 59% of First Gen’s total consolidated revenues.
EDC’s geothermal, wind, and solar revenues accounted for 38% of First Gen’s total consolidated revenues. The hydro plants, meanwhile, comprised two percent of the total consolidated revenues.