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First Gen profit up 64% in 2014; Avion gas-fired plant ready this year

Posted on March 13, 2015

By Leslie D. Venzon

MANILA, March 13 (PNA) — First Gen Corp., the power generation firm of the Lopez Group, booked a whopping 64-percent surge in profit in 2014 on the back of strong earnings contribution from its natural gas power plants and geothermal plants.

In a statement to the Philippine Stock Exchange, First Gen said its net income attributable to the parent reached USD 193.2 million last year from USD 118.1 million in 2013.

The company attributed the improved financial performance to higher earnings contributions from the Santa Rita and San Lorenzo natural gas power plants and Energy Development Corp.’s geothermal plants.

This was partially offset by lower earnings contribution from First Gen Hydro Power Corp. (FG Hydro) due to lower water levels.

First Gen’s consolidated electricity revenues decreased slightly by USD 2.3 million, or by 0.1 percent to USD 1.903 billion last year from USD 1.905 billion in 2013.

The natural gas power plants accounted for USD 1.205 Billion, or 63.3 percent of total consolidated revenues.

EDC’s revenues comprised for US$ 651.7 million, or 34.3 percent of the total. FG Hydro contributed USD 36.6 million of revenues, or 1.9 percent.

“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,” said First Gen President Francis Giles B. Puno.

Puno said the company is poised to deliver the fast-tracked 97-megawatt Avion natural gas-fired project this year to address the power supply shortage.

He said First Gen is also progressing well with the construction of the 414-MW San Gabriel natural gas plant to be operational in the summer of 2016.

“Despite the reduced earnings from the Pantabangan hydro plant, we hope to get moving on our run-of-river projects in 2015. 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. (PNA)

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