First Gen Corporation

First Gen Corporation (FGEN) stands as a prominent independent power producer in the Philippines, strategically focused on clean and renewable energy. Incorporated on December 22, 1998, the company is a subsidiary of First Philippine Holdings Corporation (FPH), part of the influential Lopez Group of Companies. The company's patriarch, Oscar M. Lopez, served as Chairman from its inception until 2010 and was instrumental in guiding the Lopez Group's expansion into power generation. His son, Federico R. Lopez, currently leads the company as Chairman and CEO, continuing the family's legacy and commitment to a decarbonized future.

First Gen operates a diversified portfolio of 32 power plants with a total installed capacity of over 3,600 megawatts (MW) across Luzon, Visayas, and Mindanao. This portfolio deliberately excludes coal and is comprised of natural gas, geothermal, hydroelectric, wind, and solar power facilities. A significant portion of its renewable capacity comes from its subsidiary, the Energy Development Corporation (EDC), a major global player in geothermal energy. The company's natural gas portfolio includes four plants in Batangas City, such as the 1,000-MW Santa Rita and the 500-MW San Lorenzo power plants, which serve as a transitional fuel source to support the country's energy security as it moves towards greater reliance on renewables. First Gen has also recently inaugurated new facilities, such as the 22-MW Tanawon Geothermal Power Plant, and is investing in battery energy storage systems (BESS) to enhance grid stability.

The company generates revenue primarily through the sale of electricity to a wide range of customers, including private distribution utilities, electric cooperatives, and large industrial consumers. Sales are conducted via long-term Power Purchase Agreements (PPAs), Power Supply Agreements (PSAs), and transactions in the Wholesale Electricity Spot Market (WESM). In 2024, the company reported consolidated revenues of $2.408 billion. Strategically, First Gen is advancing its clean energy goals, pledging to expand its renewable energy portfolio to 13 gigawatts (GW) by 2030 and recently entering a partnership with Prime Infrastructure Capital Inc. for its gas assets to free up resources for renewable projects.

Keywords: Philippine energy sector, independent power producer, renewable energy, geothermal energy, natural gas, hydroelectric power, solar power, wind power, clean energy, power generation, Energy Development Corporation (EDC), Lopez Group, Federico R. Lopez, power purchase agreements, wholesale electricity spot market, energy transition, decarbonization, Philippine Stock Exchange, FGEN, sustainable energy, baseload power