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Manila Bulletin devider Business devider Trade & Industry devider Hydropower boosts First Gen net income

Hydropower boosts First Gen net income

Published Mar 25, 2026 09:22 am

Lopez-led First Gen Corp. posted a rebound in earnings in 2025, driven by stronger hydropower generation that helped offset weaker contributions from its geothermal business.

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, March 25, First Gen said its attributable recurring net income rose by eight percent to $264 million, or about ₱15.2 billion, from $245 million, or ₱13.9 billion, the previous year.

First Gen likewise improved its revenues last year by six percent, from $849 million, or ₱49 billion, to $906 million, or ₱52 billion.

This was driven by better generation from its hydropower portfolio, which cushioned the impact of Energy Development Corp.’s (EDC) lower recurring income due to spot market prices and maintenance activities.

“The better revenues are a result of greater volume of electricity sold by First Gen during the year,” the company said.

Its hydropower assets contributed $33 million, or ₱1.9 billion, to the company’s earnings, about 75 percent higher than the $19 million, or ₱1 billion, recorded previously. Improved irrigation conditions and higher power supply contract prices supported the growth.

EDC’s attributable recurring income fell by 31 percent to $52 million, or about ₱3 billion. This was mainly due to the weaker performance of its Leyte and Mindanao assets amid well workovers and maintenance activities, despite improved generation from the Palinpinon geothermal plants.

EDC also incurred higher interest expenses due to increased debt following its drilling program and project expansions.

Furthermore, following the 60-percent sale of its gas business to Prime Infrastructure Capital Inc. (Prime Infra), First Gen will no longer consolidate its natural gas assets and interim offshore liquefied natural gas terminal.

In November, earnings from First Gen’s remaining stake in the gas assets amounted to about $11 million, or around ₱700 million, but because of the sale, the company recognized a $159-million, or ₱9.2-billion, gain.

First Gen President Francis Giles Puno said the company is strategically positioned to push further into renewable energy (RE), with EDC set to commission an additional six megawatts (MW) of geothermal capacity this year. This comes after it completed 77 MW of geothermal and 40 megawatt-hours (MWh) of battery and energy storage projects.

“2026 will be the year EDC’s investments in its drilling program bears significant fruit, while the recently announced partnership with Prime Infra for the 600-MW Wawa and 1,400-MW Pakil pumped storage hydro projects marks our debut as greenfield hydro developers,” he said.

Related Tags

First Gen Corp. (FGen) Energy Development Corp. (EDC)
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