First Gen’s income rises 4% to $277m on LNG business

First Gen Corp. of the Lopez Group on Thursday reported a 4-percent increase in attributable recurring net income to $277 million in 2023 from $265 million in 2022.

Energy Development Corp.’s geothermal portfolio delivered record earnings from its high operating income owing to an improvement in electricity prices. Natural gas and liquid fuel prices dropped globally, accompanied by lower electricity output sold by the natural gas platform. The balance came from the company’s hydro plants and First Gen Energy Solutions, its retail electricity supplier.

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