Key Financial Figures (in USD Thousands)
Revenues decreased by USD128.7 million, or 10.7 percent, to USD1,076.5 million primarily due to lower average gas prices for 2015 as compared to the prior year (USD12.4/MMBtu in 2014 compared to an average of USD9.1/MMBtu in 2015), this was partially offset by the higher dispatch of the gas plants (a combined average net capacity factor of 80.5 percent for Santa Rita and San Lorenzo in 2015 as compared to 70.4 percent in 2014) following the return of Santa Rita’s Unit 40 in July 2014. It is worth noting that Santa Rita and San Lorenzo’s fuel costs are pass-through charges to the off-taker, Meralco. Net income contribution of Santa Rita and San Lorenzo to First Gen increased by USD2.3 million, or 1.9 percent, to USD123.8 million mainly due to the gas plants’ higher dispatch and lower interest expenses, partially offset by lower insurance claims in 2015.
- Santa Rita had a notable increase in energy generation to 7,388.1 gigawatt-hours (GWh) in 2015 from 6,287.1 GWh in 2014, primarily due to the return of Unit 40 to operation after its main transformer broke down in 2014
- Prudent planning and proper scheduling on imported liquid fuel enabled the continued operations of the Santa Rita and San Lorenzo plants during the 30-day scheduled Malampaya gas facility maintenance outage from March 15, 2015 to April 13, 2015
- Despite 10 unscheduled gas supply curtailments in 2015, both Santa Rita and San Lorenzo plants operated reliably. The uninterrupted plant operations helped avoid brownouts and unusual spikes in Luzon’s electricity rates
- The Santa Rita and San Lorenzo plants have been conforming with three standards: ISO 9001:2008, ISO 14001:2004, and OHSAS 18001:2007. Both plants have been successful in passing the subsequent recertification audits since the issuance of the IMS certification in 2004.