FIRST Gen Corporation said that their net income grew to P13.8 billion or $249 million during January to September 2023.

In a statement, First Gen, a company by the Lopez Group, is pegged at clean and renewable energy, said that their earnings grew by 28 percent, which is higher than $194 million (P10.2 billion) that for the same period last year.

“Energy Development Corporation’s(EDC) geothermal portfolio continued to deliver markedly higher earnings from its better operating income stemming from higher electricity prices,” First Gen said.

Their natural gas portfolio likewise also saw a slight increase in earnings.

“The First Gen portfolio continues to deliver a positive performance in 2023 and there are still a few more milestones that we expect to achieve towards the end of year, including the commercial operations of our LNG terminal at the First Gen Clean Energy Complex. Further, we expect the closing and turnover by PSALM of the 165 MW Casecnan Hydroelectric Power plant in early 2024,” First Gen President and COO Francis Giles Puno said.

The First Gen and ABS-CBN are part of the Lopez Group of Companies.