Inauguration of the new Yerevan natural gas-fired thermal power plant Հայերեն: Նախագահ Սերժ Սարգսյանը ապրիլի 21-ին ներկա է գտնվել Երեւանի համակցված շոգեգազային ցիկլով էլեկտրակայանի բացման արարողությանը: (Photo credit: Wikipedia)First Gen Corp., the power generation firm of the Lopez Group, is looking at a three-fold growth in profit this year, driven by higher electricity sales from its subsidiaries.
The energy firm is ready to invest in new projects and expand its ownership in existing units, its top executives said.
“We are already in triple-digit growth...I think this year we will be able to continue that momentum,” said First Gen president and chief operating officer Francis Giles B. Puno.
For the first quarter alone, the company already posted a 171-percent jump in profit to $52.1 million from $19.2 million a year ago.
Puno added that the company is targeting to triple its earnings this year, from $35 million last year.
“Analysts’ consensus is around $110 million [in net income],” First Gen executive vice-president Richard B. Tantoco said.
“That is driven by improved electricity revenues from Energy Development Corp. (EDC) and ancillary services from First Gen Hydro [Power Corp.],” Puno said.
First Gen’s net income slumped to $35 million last year from $70.2 million in the previous year amid lower income contribution from unit EDC.
Puno said that as EDC improves the operating performance of its power plants, electricity output and sales will grow.
To date, First Gen and its units have a gross generating capacity of 2,763 megawatts (MW), of which 1,500 MW is natural gas, 1,129 MW is geothermal and 134 MW is hydropower. It accounts for 18 percent of the country’s total installed power generation capacity.
Fresh funds are geared towards acquisitions, Puno said. The company has recently raised P10 billion from the sale of its perpetual preferred shares.
Specifically, Puno said the company is still interested to purchase the stake of British Gas Group in First Gas Power Corp. First Gas owns and operates the 1,000-MW Santa Rita combined-cycle natural gas-fired power plant and the 500-MW San Lorenzo natural gas power plant, both in Batangas.
For new projects, Puno said First Gen is ready to spend P16 billion for 91 MW of new generating capacity through wind and hydropower projects.
In the first quarter, First Gen’s consolidated revenues climbed 23.1 percent to $390.6 million from $317.3 million due to improved share in net earnings of its affiliates.
http://www.philstar.com/Article.aspx?articleId=807660&publicationSubCategoryId=66
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