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Recovery of damaged geothermal plants contributes to doubling of earnings of First Gen

Tongonan, Leyte Geothermal power plant, Philippines
Carlo Cariaga Carlo Cariaga 13 May 2019

After enduring damage to their geothermal power plants due to a typhoon more than a year ago, First Gen Corp. has bounced back and doubled their year on year net income.

First Gen Corp. declared an $81 million net income for the first quarter of 2019, representing a 104 percent year on year increase.  The company maintains a portfolio of renewable energy assets including natural gas, geothermal, and hydropower platforms.

An 86 percent increase in recurring earnings was attributed largely to the recovery and return to normal operations of the company’s unified Leyte and Tongonan geothermal plants. These plants were damaged by Typhoon Urduja in December 2017.

Higher sales in the wholesale electricity spot market from First Gen’s hydropower platforms have also contributed $10 million to the first quarter earnings.

According to First Gen president and COO Francis Giles Puno, their geothermal assets are expected to continue to outperform as they are currently heading initiatives to increase efficiency and resiliency and to generate savings.

Source: Philippine Star