First Gen Corporation, a major clean energy company in the Philippines owned by the Lopez Group, earned Php8.7 billion in profit during the first six months of 2026. This is slightly better than the Php8.6 billion they made during the same period in 2025, according to their press release.
What makes this interesting is that First Gen sold a big part of its natural gas business—60% of it—to another company called Prime Infrastructure Capital, Inc. in November 2025. After the sale, First Gen now only owns 40% of the natural gas plants and 20% of a liquefied natural gas (LNG) terminal. Despite owning less of this business, the company still managed to make more money overall.
How First Gen Made More Money
The company’s total revenues (the money it brought in) reached Php41.1 billion in the first half of 2026. This is a big jump—73% more—compared to the Php23.7 billion they made in the same period in 2025. That’s an increase of Php17.4 billion!
So how did they do it? First Gen’s power plants sold more electricity at higher prices during this period.
The Big Winner: Geothermal Energy
Most of First Gen’s money came from its geothermal, wind, and solar energy projects, which are managed by a company called Energy Development Corporation (EDC). These clean energy projects accounted for 73% of all the money First Gen made. Another 8% came from hydroelectric power plants (plants that use water to make electricity).
EDC’s profit nearly doubled—jumping 97% from Php1.9 billion in the first half of 2025 to Php3.8 billion in the first half of 2026. This happened because:
- The geothermal plants (which use steam from the earth to make electricity) sold more power
- They received higher prices for their electricity
- New Battery and Energy Storage System (BESS) projects started making money from special grid services. These three battery projects started operating between September and December 2025
However, not everything went perfectly. The Burgos Wind project didn’t perform as well because there was less wind and some equipment breakdowns. EDC also had to pay more interest on loans they took to drill for more geothermal resources and expand their projects. In 2025, EDC added 88.6MW of geothermal capacity and 40MWh of battery storage.
Mixed Results from Water-Powered Plants
First Gen’s hydroelectric plants had mixed results. Overall, these water-powered plants contributed Php433 million to profits in the first half of 2026, which is 48% less than the Php826 million they made in 2025.
Here’s what happened with each plant:
Pantabangan-Masiway Power Plants (132MW): This plant did really well, making Php732 million compared to Php690 million in 2025. Why? The water reservoir was very full at the start of 2026, so they had lots of water to generate electricity. More farmers also needed water for irrigation, which helped. These plants usually do best in the first half of the year.
Casecnan Power Plant (165MW): This plant actually lost Php304 million, compared to making a profit of Php140 million in 2025. The plant had less water available compared to last year, and they also had to pay interest on debt for six months (though they’ve since paid off that debt). This plant normally performs better in the second half of the year (May to November).
What About Natural Gas?
Even though First Gen sold most of its natural gas business, the 40% stake they kept still contributed Php4.0 billion to their earnings, mainly because expenses were lower. For comparison, when they owned 100% of the gas business in 2025, it made Php7.5 billion.
What the Company Says
Francis Giles B. Puno, First Gen’s President and Chief Operating Officer, explained that Pantabangan Masiway started 2026 with high water levels, which helped provide electricity during the very hot summer months. However, El Niño weather patterns (which bring dry conditions) are now affecting the hydro plants. This will especially impact Casecnan, which normally generates more power from May to November.
On the bright side, Puno noted that the geothermal plants continue to perform strongly because of drilling work that started in 2024, which allows them to capture more steam. The new battery projects are also helping increase revenues, and electricity prices in both contracted and spot markets have been better this year.
About First Gen
First Gen is one of the leading independent power producers in the Philippines. The company focuses on clean and renewable energy sources including geothermal (using earth’s heat), hydroelectric (using water), wind, and solar power. With 1,764.2MW of installed capacity, First Gen is the country’s largest renewable energy producer. The company is part of First Philippine Holdings Corporation and the Lopez Group of Companies, and has over 20 years of experience in power development.
Source Note:This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.
