by Lenie Lectura, 13 March 2015
FIRST Gen Corp. posted a 64-percent increase in its net income last year to $193.2 million, from $181.1 million a year ago, on the back of higher earnings from its gas and geothermal power plants.
The Santa Rita and San Lorenzo natural-gas power plants contributed $121.5 million to First Gen’s net income, higher than the $81.9 million it posted year-on-year, the company said in a disclosure.
Its geothermal power plants under Energy Development Corp. (EDC), meanwhile, recorded $136.1 million in attributable earnings, from $76.6 million mainly from the Bacon-Manito (BacMan) power plants in Bicol and the Nasulo Geothermal Project in Valencia, Negros Oriental.
“First Gen’s thrust to grow its clean and renewable platform has gained significant momentum in 2014. The Bacman and Nasulo geothermal projects of EDC were positive turnaround stories for 2014 and, together with the new 150-MW Burgos wind project, will increase revenues moving forward,” First Gen President Francis Giles B. Puno was quoted in a statement as saying.
The power producer is also expanding natural-gas portfolio.
“We are eager to deliver the fast-tracked 97-MW Avion natural gas-fired project this year to address the power-supply shortage and are progressing well with the construction of the 414-MW San Gabriel natural-gas plant to be operational in the summer of 2016,” Puno said.
He added that First Gen’s portfolio of power plants plays a vital role in the security of power supply.
“It is for this reason that we continue to develop and push projects that will provide solutions to the country’s power issues,” he added.