RE company First Gen Corp records $170 M net income

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A 42 percent increase in its nine-month income ending September 2016 was recorded by First Gen Corp. following higher earnings from its renewable energy assets and liquidated damages from the construction delay of its San Gabriel plant.

The renewable energy producer disclosed that its net income for the period amounted to $170 million versus last year’s $120 million.

These earning were a reflection of subsidiaries Energy Development Corp (EDC) and First Hydro Power Corp. (FG Hydro)’s earnings and the $53 million income from liquidated damages from the delay of the San Gabriel plant and unrealized foreign gains.

The 1000 MW Santa Rita, 500 MW San Lorenzo, 414 MW San Gabriel and 97 MW Avion – all natural gas plants – garnered $130 million while EDC contributed $67 million.

FG Hydro, on the other hand, had $4 million.

“With our two newest natural gas–fired plants – the 414 MW San Gabriel Flex Plant and the 97 MW Avion Peaking Plant – achieving commercial operations, First Gen is the leader in natural gas-fired power in the country. Not only is power from natural gas competitively-priced, it is also the cleanest among fossil fuels. Moreover, its operating capabilities are the most ideal for our consumer- dominated load profile. These plants were built specifically to serve our grid’s unique demand requirements,” First Gen president and COO Francis Giles Puno said.

Consolidated revenues recorded a 19 percent slip to $1.17 billion following lower contributions from the Sta. Rita and San Lorenzo gas plants.

The two plants recorded 24 percent lower revenues because of lower fuel pass-through prices, and somehow lower combined dispatch of the two plants at 79% this year versus 81 percent last year.

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