2025 is projected to be an upside year for Lopez-led First Gen Corp. (FGen), as it anticipates a financial rebound throughout the year.

On the sidelines of a signing ceremony between FGen and Singapore’s Digital Edge, Giles Puno, president and chief operating officer of FGen, expressed optimism that its plants—particularly on the geothermal front—would perform better this year.

“I think [there will be] stronger figures, maybe it’s more stable [unlike] last year, the power plants, for example, the geothermal, we’re underdelivering because we were doing a lot of drilling,” he told reporters.

“Hopefully, it will be able to catch up by the end of the year,” Puno said.

To recall, FGen’s recurring net income dropped to around ₱14 billion in 2024 due to its focus on geothermal drilling activities.

It also incurred higher interest expenses following the acquisition of the 165-megawatt (MW) Casecnan hydropower plant in Nueva Ecija.

What helped offset these increases, on the other hand, were its natural gas business and the Casecnan plant’s improved profits.

He also hinted that this year’s capital expenditures will be “relatively large” to meet the company’s operational and development needs.

LNG to supplement Malampaya

As efforts continue to sustain Malampaya gas field, Puno underscored the need to integrate liquefied natural gas (LNG) to augment supply.

“I know there’s a drilling program [in Malampaya]… At the same time, it needs to be augmented already by LNG. We need to make sure that both Malampaya and LNG work together. Malampaya [continues] to be prioritized, but LNG also is able to fill up the demand that’s needed, because [the gas field] cannot do it alone,” he explained.

Before the year ends, they are expecting three more LNG cargoes to arrive.

“[This is] depending on the consumption, right? Usually, we time it. If the tank is full, it’s going to be difficult. It’s hard to bring in a vessel, and then you can’t accommodate the whole cargo. That one’s [being] coordinated with Meralco {Manila Electric Co.],” he said.

“We have Meralco to dispatch the plant, and then they time it exactly when the next vessel comes to unload the whole cargo. It’s all collaborative within the power users, so we have to coordinate with [them], [and] the supplier,” Puno added.