LOPEZ-LED First Gen Corp. expects a new liquefied natural gas (LNG) cargo delivery this month to meet the supply requirements of its gas-fired power plants in Batangas.
The company said it recently completed a tender for its seventh LNG cargo, which is due to arrive in April, according to its annual report.
“The IOT (interim offshore LNG terminal) project will enable the company to utilize both Malampaya gas and LNG for the 2,000 MW (megawatts) of power plants located at the FGEN Clean Energy Complex,” the company said.
Last year, First Gen completed the tender and receipt of six LNG cargoes following the completion of the terminal in 2023.
First Gen operates four existing gas-fired power plants with a combined capacity of 2,017 MW, located at the First Gen Clean Energy Complex in Batangas. These plants have been supplied for many years with gas from the Malampaya gas field.
In 2023, its subsidiary, FGEN LNG Corp., completed the interim offshore LNG terminal and entered into a five-year time charter party for its floating storage and regasification vessel, BW Batangas.
Earlier this year, FGEN LNG received a permit from the Department of Energy to operate and maintain its interim offshore LNG terminal for 25 years.
Currently, First Gen has a total of 3,668 MW of combined capacity from its portfolio of plants that run on geothermal, wind, hydro, solar energy, and natural gas.
The company aims to expand its portfolio to 13,000 MW by 2030.
For 2024, First Gen reported an attributable net income of $252.9 million, down 19% due to lower contributions from its green energy business.
On the local bourse, shares in the company declined by 1.23% to close at P16 each on Tuesday. — Sheldeen Joy Talavera
