Francis Giles B. Puno, president and chief operating officer of First Gen, said that the company is still "in the green," but is monitoring the impact of the decline in geothermal prices.
"For geothermal, in particular, the prices are generally lower, and our production is lower simply because our steam we're still doing the drilling today. So, the costs are being borne today," he told reporters on Aug. 14.
"So, it's a combination of lower price, lower volume, and higher OPEX (operating expenses)," he added.
During the company's annual stockholders' meeting, Mr. Puno said that First Gen's subsidiary, Energy Development Corp. (EDC), is investing about P30 billion "to build 83 megawatts (MW) of new geothermal power plants and four megawatt-hours of battery energy storage system to be commissioned this year."
