FIRST GEN Corp. ended final 12 months with “flat earnings” of P12.4 billion attributable to fairness holders, with costlier gasoline costs offsetting larger electrical energy gross sales as energy demand recovered to pre-pandemic ranges, the corporate mentioned on Monday.
“First Gen generated larger revenues in 2021 as we noticed energy demand recuperate to pre-pandemic ranges. Sadly, income progress was additionally an impact of upper gasoline costs skilled everywhere in the world and the availability restrictions within the grid that mirrored in excessive spot market costs,” First Gen President and Chief Working Officer Francis Giles B. Puno mentioned in an announcement.
“Our gas-fired crops essentially ran on liquid gasoline to make sure enough provide for the grid. We’re working to deal with fuel provide uncertainty and are assured this might be addressed as soon as our LNG (liquefied pure fuel) import terminal operates this 12 months,” he added.
The corporate’s pure fuel platform registered 8% extra in recurring earnings final 12 months to P9.7 billion from P9.2 billion in 2020.
“The older pure gas-fired crops, the 1,000-megawatt (MW) Santa Rita and the 500-MW San Lorenzo [power plants], reaped the advantages of decrease revenue tax charges underneath the CREATE Regulation and decrease curiosity bills from common debt service funds,” the corporate mentioned, referring to Republic Act No. 11534.
The advantages, nonetheless, have been partially offset by decrease working revenue from the 420-MW San Gabriel energy plant attributable to outages and better alternative energy, the corporate mentioned.
First Gen mentioned that whereas its 97-megawatt Avion energy plant “had its share of plant harm points in 2021, it nonetheless benefitted from excessive electrical energy gross sales within the early a part of the 12 months because it equipped the grid with supplemental energy throughout constraint intervals.”
In the meantime, Avion plant’s Unit 2 “was found to have incurred a harm in its fuel compressor final August after a routine inspection. The unit was rapidly changed and restored to full business operation by late October.”
In December, Avion’s Unit 1 was discovered to have incurred harm. It was introduced again to operations by February 2022.
“From an attributable web revenue to father or mother of P9.3 billion in 2020, the pure fuel platform elevated to P9.8 billion (US$199 million) for 2021,” it detailed.
Vitality Growth Corp. (EDC), in the meantime, shared a P4 billion recurring attributable earnings generated from its geothermal, wind, and photo voltaic property. That is 8% decrease than 2020’s recurring revenue of P4.5 billion.
Though EDC had producing larger revenues, it incurred larger energy plant and steam area upkeep bills final 12 months because it made up for deferred actions from 2020.
“These have been partly offset by decrease curiosity bills and revenue taxes. The renewable power firm’s attributable web revenue to father or mother of P4.3 billion for 2021 was additionally 18% decrease as a result of extraordinary revenue from the gathering of insurance coverage claims in 2020,” it mentioned.
First Gen’s hydro platform’s recurring earnings contribution climbed to P180 million in 2021 from P70 million within the earlier 12 months.
“The 132.8-MW Pantabangan-Masiway energy crops generated larger revenues because the graduation of its contract with Meralco (Manila Electrical Co.) have been augmented by service provider gross sales. The rise was barely offset by larger bills as a result of alternative energy prices,” the corporate mentioned.
The Lopez-led firm recorded consolidated revenues of P106 billion from electrical energy gross sales, 18% larger than the P91 billion within the earlier 12 months. This consists of 60% pure fuel revenues; 35% EDC’s geothermal, wind, and photo voltaic revenues; and 5% hydro plant revenues.
First Gen shares on the native bourse dropped a peso or 3.85% to shut at P25 apiece on Monday. — Marielle C. Lucenio