FGen reports 4% decline in Q1 net income

Lopez-led First Gen Corp. (FGen) reported a four percent decline in first-quarter net income due to lower geothermal output and market price movements.

The firm's recurring net income for the first three months of 2025 was $77 million, compared to $81 million in the same period last year.

EDC, FGen's subsidiary, experienced reduced revenues from plant maintenance, weaker prices in the Wholesale Electricity Spot Market (WESM), and debt incurred from new projects.

First NatGas Power Corp., owner of the San Gabriel natural gas-fired power plant, saw a drop in revenue after its power supply agreement with Meralco expired last February 2024.

Despite challenges, FGen's hydroelectric plants performed better due to higher rainfall from the previous year, while natural gas power plants saw a seven percent increase in earnings.

FGEN LNG began operations in January and contributed $7 million in recurring income during its first quarter of operation.