First Gen Corporation concluded 2021 with flat earnings. In 2021, it earned P12.4 billion ($252 million) in recurring net income attributable to equity holders from the operations of its 3,495-megawatt (MW) clean, low-carbon and renewable portfolio. The company benefited from higher electricity sales from its natural gas and hydroelectric platforms, as well as from higher Wholesale Electricity Spot Market prices. This was, however, offset by lower earnings from Energy Development Corporation (EDC) due to generation and steam issues.

“First Gen generated higher revenues in 2021 as we saw power demand recover to pre-pandemic levels. Unfortunately, revenue growth was also an effect of higher fuel prices experienced all over the world and the supply restrictions in the grid that reflected in high spot market prices. Our gasfired plants necessarily ran on liquid fuel to ensure adequate supply for the grid. We are working to address gas supply uncertainty and are confident this will be addressed once our LNG import terminal operates this year,” First Gen president and COO Giles Puno said.

The natural gas platform delivered an 8% increase in recurring earnings for 2021 to P9.7 billion ($198 million) from P9.2 billion ($184 million) in 2020. From an attributable net income to parent of P9.3 billion ($187 million) in 2020, the gas platform increased to P9.8 billion ($199 million) for 2021.

EDC contributed recurring attributable earnings from its geothermal, wind and solar platform amounting to P4.0 billion ($82 million) as of Dec. 31, 2021, 8% lower than its recurring income last year of P4.5 billion ($90 million). The renewable energy company’s attributable net income to parent of P4.3 billion ($88 million) for 2021 was 18% lower due to extraordinary income from the collection of insurance claims in 2020.

The hydro platform’s recurring earnings contribution grew to P0.18 billion ($4 million) for 2021 from P0.07 billion ($1.4 million) previously. Attributable earnings in 2021 were likewise higher at P0.18 billion ($4 million) from P0.07 billion ($1.4 million) in 2020.

First Gen’s consolidated revenues from the sale of electricity in 2021 were higher at P106 billion ($2,167 million), an 18% positive change of P15 billion ($336 million) from P91 billion ($1,830 million) in 2020. The natural gas portfolio accounted for 60% of First Gen’s total consolidated revenues. EDC accounted for 35% and the hydro plants for 5%.