First Gen Corporation continues to trailblaze the path of leading the Philippines into a decarbonized future. The Lopez Group‘s energy company reported a recurring net income attributable to equity holders of US$217 million (Php11.3 billion) in the first three quarters of 2019 from the operations of its 3,492 MW clean and renewable portfolio. This was a 21% or US$37 million (Php1.9 billion) jump from its US$180 million (Php9.4 billion) in earnings from the same period in 2018.
EDC’s Leyte and Negros geothermal plants performed better due to lower outages and higher average selling prices. Recall that a portion of EDC’s operating assets in Leyte was damaged by Typhoon Urduja in December 2017, which was fully restored in the third quarter of 2018.
EDC’s geothermal, wind and solar revenues accounted for US$547 million (Php28.5 billion) or 34% of First Gen’s total consolidated revenues in the first three quarters of 2019. Of the US$547 million, 94% can be attributed to the geothermal platform while the remainder is from the wind and solar projects.
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