First Gen Corp. ended last year with “flat earnings” of P12.4 billion attributable to equity holders, with more expensive fuel prices offsetting higher electricity sales as power demand recovered to pre-pandemic levels, the company said on Monday. READ:
“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,” First Gen President and Chief Operating Officer Francis Giles B. Puno said in a statement.
“The older natural gas-fired plants, the 1,000-megawatt Santa Rita and the 500-MW San Lorenzo [power plants], reaped the benefits of lower income tax rates under the CREATE Law and lower interest expenses from regular debt service payments,” the company said, referring to Republic Act No. 11534. Meanwhile, Avion plant’s Unit 2 “was discovered to have incurred a damage in its gas compressor last August after a routine inspection. The unit was quickly replaced and restored to full commercial operation by late October.”
Energy Development Corp. , meanwhile, shared a P4 billion recurring attributable earnings generated from its geothermal, wind, and solar assets. This is 8% lower than 2020’s recurring income of P4.5 billion.
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