LOPEZ-LED First Gen Corp. reported on Tuesday an 11-percent drop in recurring profit for the first quarter of this year as seasonally softer prices on the Wholesale Electricity Sport Market (WESM) meant lower revenues for its merchant power plants. Attributable net income was $41 million in the quarter, which was $17 million lower from a year ago. “The fact that the Q1 numbers are down is not unexpected…especially when you have a merchant plant portfolio. The natural gas portfolio accounted for $233 million, or 54 percent of First Gen’s total consolidated revenues. Aside from its natural gas portfolio, First Gen is the largest shareholder in Energy Development Corporation (EDC), which owns and operates geothermal, wind, hydro and solar power plants in the country.

Source: Manila Times May 09, 2017 16:52 UTC