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First Gen 2024 Annual Stockholders' Meeting

First Gen officials pose for a photo after their Annual Stockholders' Meeting in Makati. The company said it hopes to increase power capacity from 3.5GW to 13GW by 2030, and most will be renewable energy.  The company expects demand for renewable energy to grow in the coming years. Jekki Pascual, ABS-CBN News

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Jekki Pascual

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1717146541253First Gen.jpeg" style="width:950px" class="fr-fic fr-dib" alt="First Gen officials pose for a photo after their Annual Stockholders&#x27; Meeting in Makati. The company said it hopes to increase power capacity from 3.5GW to 13GW by 2030, and most will be renewable energy.  The company expects demand for renewable energy to grow in the coming years. Jekki Pascual, ABS-CBN News"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">First Gen officials pose for a photo after their Annual Stockholders&#x27; Meeting in Makati. The company said it hopes to increase power capacity from 3.5GW to 13GW by 2030, and most will be renewable energy.  The company expects demand for renewable energy to grow in the coming years. <em>Jekki Pascual, ABS-CBN News</em></span></span></span></span></div><p>MANILA -- First Gen Corporation said on Friday that it is optimistic about growing its power capacity from 3.5 GW to 13 GW by 2030 or in the next ten years.</p><p>This translates to about $9 billion in possible investments, the company said.</p><p>At its Annual Stockholders’ Meeting in Rockwell, Makati, First Gen Chairman and Chief Executive Officer Federico Lopez said the company targets to grow its low carbon energy portfolio to 13,000 MW or 13 GW, and majority of this will be from renewable energy, in line with the Philippine Energy Plan.</p><div><a href="https://news.abs-cbn.com/business/07/12/23/marcos-says-to-improve-bureaucratic-processes-for-renewable-energy" rel="noopener noreferrer" target="_blank">Marcos Jr. commits to ‘improve bureaucratic processes’ in renewable energy sector</a></div><p>&quot;We’ve lined up our expansion and growth projects utilizing our various fuels of geothermal and hydro and we are eyeing to expand our solar and wind power facilities through several service contracts in various sites all over the country,&quot; Lopez said.</p><p>First Gen President and Chief Operating Officer Francis Giles Puno said they are confident of hitting the target as demand for power also increases.</p><p>&quot;First Gen’s 13 GW target may seem aggressive, but what is important is that we are ready to proceed with the investments when the right opportunity presents itself,&quot; said Puno.</p><p>&quot;Ten years time, I suspect it’s not that difficult for demand to grow by double. Increase population, economic activity, industrialization, transitioning from internal combustion to electrification- so double is not that unrealistic,&quot; he added.</p><p>The officials asserted that it is also important to add more renewable energy plants to help combat the harsh effects of climate change. They also see growth in the RE sector as the government also increased the percentage of RE power supply in the coming decades.</p><p>Lopez said the need to switch to cleaner energy was shown by the record heat the world is experiencing this year. Scientists have attributed this to global warming.</p><p>&quot;All of you felt that. The transition to net zero, you cannot stop. It’s got to happen,&quot; said Lopez.</p><p>The Lopez-led First Gen is now also getting LNG imports for its plants. It has completed the construction and commissioning of an LNG regasification terminal in Batangas City.</p><p>&quot;Close to 20 percent of our electricity production was already coming from LNG because there were times Malampaya was already insufficient and also Malampaya had fuel specification issues. So we needed to blend LNG with Malampaya,&quot; said Puno.</p><p>This year, First Gen will develop seven projects, four of which are geothermal power plants with a combined capacity of 82.6 MW. The plants will cost P24 billion.</p><p>First Gen and ABS-CBN Corp are both part of the Lopez Group of companies.</p><div><a href="//news.abs-cbn.com"><em>news.abs-cbn.com</em></a><em> is the official news website of ABS-CBN.</em></div><div><br/></div><div><a href="https://news.abs-cbn.com/business/2024/2/15/intl-renewables-firm-eyes-investing-up-to-100-m-in-ph-1310" rel="noopener noreferrer" target="_blank">Intl renewables firm eyes investing up to $100-M in PH</a></div><div><a href="https://news.abs-cbn.com/business/01/01/24/worlds-largest-solar-project-breaks-ground-in-ph-says-spnec">&#x27;World’s largest solar project’ breaks ground in PH, says SPNEC</a></div><div><br/></div><div><strong>RELATED STORY:</strong><br/><br/><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/cNp4pyaGcxY?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>First Gen Corporation is optimistic about hitting its goal of growing its power capacity from 3.5 GW to 13 GW by 2030 or in the next ten years.</p>

First Gen Corporation is optimistic about hitting its goal of growing its power capacity from 3.5 GW to 13 GW by 2030 or in the next ten years.

First Gen eyes hitting 13 GW power capacity by 2030

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First Gen eyes hitting 13 GW power capacity by 2030

Jekki Pascual,

ABS-CBN News

Published May 31, 2024 05:42 PM PHT

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