First Gen Corporation, a big company in the Philippines that makes electricity from clean energy sources, earned more money in 2025 compared to 2024. Think of it like getting a bigger allowance – they made $264 million (that’s about 15.2 billion pesos) in 2025, which is 8% more than the $245 million (13.9 billion pesos) they made in 2024.
What is First Gen?
First Gen is part of the Lopez Group and specializes in making electricity using “clean” energy sources. Clean energy means they use natural things like water, steam from underground, wind, and sunlight instead of dirty fuels that pollute the air. The company is actually the biggest renewable energy producer in the Philippines, with the ability to make 1,764.2 megawatts of electricity – that’s enough to power millions of homes!
Why Did They Make More Money?
First Gen made $906 million (52.1 billion pesos) in total sales for 2025, which is 6% more than what they made in 2024 when they earned $857 million (48.9 billion pesos). They made more money mainly because they sold more electricity to people and businesses.
The company’s water-powered plants (called hydroelectric plants) did really well because there was more water available. Imagine a water slide – when there’s more water, it works better! Their hydroelectric plants made 73% more money in 2025, jumping from $19 million to $33 million.
However, not everything went perfectly. Their geothermal plants (which use steam from underground) made less money – 31% less, dropping from $75 million in 2024 to $52 million in 2025. This happened because electricity prices in the market went down, and they had to spend more money fixing and maintaining their equipment.
A Big Change: Selling the Gas Business
In November 2025, First Gen made a huge decision – they sold most of their natural gas business. Natural gas is cleaner than coal but not as clean as water, wind, or solar power. They sold 60% (more than half) of this business to another company called Prime Infrastructure Capital, Inc. for 50 billion pesos.
Even though they sold most of it, First Gen kept 40% ownership, so they still earn some money from it. This sale made them an extra $159 million (9.2 billion pesos) as profit from the transaction itself.
Where Does First Gen’s Money Come From?
According to the company, here’s how their sales break down:
- 87% comes from geothermal, wind, and solar energy (through their subsidiary called EDC)
- 11% comes from hydroelectric power plants (water-powered)
- 2% comes from other parts of the business
Looking Ahead to 2026
According to First Gen President and COO Francis Giles B. Puno, the company decided to focus more on renewable energy investments. He mentioned that 2026 will be important because their geothermal drilling program will produce more results, and they’re starting new partnerships for big water-powered projects including a 600 MW Wawa project and a 1,400 MW Pakil Pumped Storage Hydro Project.
EDC, which is part of First Gen, has already completed 77MW of new geothermal capacity and 40MWh of battery storage projects, with an additional 6MW of geothermal energy planned for 2026.
Special Performance: The Pantabangan-Masiway Plants
One of their hydroelectric facilities, the 132MW Pantabangan-Masiway power plants, performed exceptionally well. It earned $16 million (949 million pesos) in 2025 compared to only $3 million (180 million pesos) in 2024. This huge improvement happened because water levels were higher at the start of 2025, allowing them to generate and sell more electricity. The higher water levels came from increased irrigation use and better contract prices for their power.
Note: All peso amounts were converted from US dollars using exchange rates of US$1.00 = Php57.493 for 2025 and US$1.00 = Php57.034 for 2024. First Gen officially reports its financial results in US dollars.
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.
