L-R: Boysen marketing manager Vergel Dyoco, ACI Philippines president Edvilor Ilano, PCA president Junn Elepaño, Acciona regional director of operations Julio Ruiz, First Balfour managing director for commercial operations Malcolm Lorimer, RMD Kwikfrom president Arlan Vergara, and PECCA committee cochair and First Balfour concrete and aggregates general manager Einstein ChiuFirst Gen Corporation reported a 4% increase in attributable recurring net income for 2023 at $277 million (P15.4 billion) in comparison to $265 million (P14.3 billion) in 2022.

Energy Development Corporation’s (EDC) geothermal portfolio delivered record earnings from its high operating income owing to an improvement in electricity prices. The parent likewise contributed to the higher 2023 income as it benefited from higher interest income due to high yields from its internally generated cash.

The company reported $2,475 million (P137.7 billion) in revenues for 2023, a 7% decrease of $192 million (P6.4 billion) from $2,667 million (P144.1 billion) from 2022. The natural gas portfolio accounted for 65% of total consolidated revenues, while 32% came from EDC’s geothermal, wind and solar plants. The balance comes from the company’s hydro plants and First Gen Energy Solutions, its retail electricity supplier.

The natural gas platform reported a 5% decrease in recurring earnings for 2023 to $184 million (P10.25 billion) from $190 million (P10.28 billion) in 2022. FGEN LNG Corporation, the incorporated special purpose vehicle for the operations of the interim offshore LNG terminal, started to generate commissioning revenues from its pre-commercial operations. It likewise booked a receipt of $25 million in nonrecurring other income from construction delay claims. FGEN LNG generated revenues of $8 million and a recurring net loss of $20 million in 2023.

EDC’s recurring earnings at $119 million (P6.6 billion) for 2023 were 24% higher than its recurring income of $96 million (P5.2 billion) in 2022.

The hydro platform’s contribution to First Gen’s recurring earnings was at $4 million (P212 million) for 2023, a 23% decline from its 2022 recurring income of $5 million (P267 million).

“2023 was a positive year for First Gen as EDC achieved its highest earnings to date, while FGEN LNG started to commission. The company was likewise declared the highest bidder for the 165-MW Casecnan Hydroelectric Power Plant. This year, these developments should translate to additions to First Gen’s earnings as the LNG terminal reaches commercial operations and the effectivity of the terminal lease agreement with Gas Aggregator Philippines Inc. happens. Casecnan will likewise be a positive addition to the bottom line from day one of its turnover,” First Gen president and COO Giles Puno said.