Luzon’s Power Leaders: San Miguel, AboitizPower, and First Gen Q1 Highlights
- June 3, 2025
San Miguel Corporation (SMC) has emerged as Luzon’s top power generation company, securing the largest share of the region’s grid at 28.42% or 5,519 MW, according to the Energy Regulatory Commission (ERC). Trailing closely are Aboitiz Power Corporation with 24.71% (4,797 MW), and First Gen Corporation with 13.84% (2,688 MW). This article reviews the first-quarter performance of Luzon’s three largest power producers, highlighting their earnings, capacity developments, and contributions to the region’s power supply and energy transition.
San Miguel Corporation (SMC)
The Ramon Ang-led company held a 28.42% share of the Luzon grid (5,519 MW). First-quarter net income rose to ₱43.4 billion from ₱8.9 billion, driven by forex gains and a one-time asset sale, despite an 8% revenue drop to ₱360.9 billion due to lower crude prices and the Ilijan Power Plant’s deconsolidation.
“Despite some challenges, our businesses remained resilient and continued to perform well. We will keep moving forward, grow responsibly, and make sure more Filipinos benefit from the progress we are making,” said SMC chairman and CEO Ramon Ang.
SMC operates a diverse portfolio of power plants across Luzon, encompassing coal, natural gas, and hydro.
The Ilijan Power Plant in Batangas City is San Miguel’s largest Luzon facility, with a 1,200-MW capacity. It’s the country’s largest natural gas-fired combined cycle plant, using fuel from the Malampaya gas field to supply reliable base-load power to Luzon. Its size and clean fuel make it a vital energy asset.
The Angat Hydroelectric Power Plant in Bulacan has a 218-MW capacity and is operated by San Miguel in partnership with Korea Water Resources Corporation. It plays a key role in renewable energy generation and water management for Central Luzon, supplying electricity and water to Metro Manila and nearby areas.
San Miguel Global Power, through its subsidiary SMC Global Light and Power Corp. (SGLPC), aims to build up to 2,400 MWp of solar capacity by 2039 as part of its shift toward cleaner energy.
(Also read: San Miguel Power Unit Allocates P87.1B for Major Baseload Development)
Aboitiz Power Corporation (AboitizPower)
AboitizPower ranks as the second-largest power producer in Luzon, holding a 24.71% market share with a total generating capacity of 4,797 MW.
AboitizPower’s net income for the first quarter dropped 41% to ₱4.62 billion from ₱7.86 billion a year earlier, mainly due to lower Wholesale Electricity Spot Market prices and scheduled plant maintenance. Its EBITDA fell to ₱15.1 billion from ₱16.4 billion, with the generation and retail supply unit’s EBITDA down 10% to ₱13.1 billion. Despite this, new contributions came from Chromite Gas Holdings and three solar plants—the 159 MWp Laoag, 45 MWp Armenia, and 173 MWp Calatrava facilities.
AboitizPower President and CEO Danel Aboitiz reiterated the company’s commitment to expanding its renewable energy capacity while also pursuing new coal projects.
“To date, Aboitiz Power has also begun the construction of an additional unit of coal, two solar power plants, three battery energy storage projects, and our first wind project, which we target to complete in the fourth quarter of 2026,” he said during the annual stockholders meeting.
AboitizPower operates several key power facilities across Luzon, a diversified energy portfolio that spans geothermal, hydroelectric, and solar technologies.
The Mak–Ban Geothermal Power Plant in Laguna and Batangas has a 195-MW capacity. It has 12 generating units, including a binary plant, which are housed in separate stations. The Magat Hydroelectric Power Plant in Isabela and Ifugao has a 388-MW capacity, making it one of the largest hydro facilities in Luzon.
The Armenia Solar Power Project in Tarlac is AboitizPower’s first solar plant in Central Luzon, with a 45-MW capacity. Commissioned in December 2024, it uses solar PV technology and connects to the Luzon grid via an 11.58-km transmission line, supporting the company’s renewable energy goals.
(Also read: AboitizPower Grows Clean Energy Portfolio with Tarlac Solar Farm)
First Gen Corporation (First Gen)
First Gen holds the third-largest share of Luzon’s power generation market with 13.84%, totaling 2,688 MW of installed capacity.
The company reported a 4% decrease in attributable recurring net income for the first quarter of 2025, amounting to $77 million (around ₱4.28 billion), down from $81 million a year earlier. The decline was mainly driven by weaker energy sales, especially from its geothermal arm, Energy Development Corporation (EDC), which experienced reduced generation volumes due to maintenance activities, lower spot market prices, and higher interest expenses from new debt tied to project expansions and drilling programs.
In a statement, First Gen President and Chief Operating Officer Francis Giles B. Puno highlighted the company’s commitment to ensuring a reliable power supply during challenging periods.
“First Gen’s portfolio of power plants are available for dispatch as the country experiences this punishing heat. We have been hard at work in making sure that the vital resources our company provides are able to deliver,” Puno said.
First Gen’s natural gas power plants in Batangas form a critical part of its Luzon generation portfolio, combining large-scale base-load facilities with flexible peaking plants to maintain a stable and efficient energy supply.
The Santa Rita Combined-Cycle Power Plant in Batangas City is the Philippines’ largest natural gas-fired plant, with a 1,000-MW capacity. Owned by First Gen through First Gas Power Corporation, it began operations in 2000. Also in Batangas, the 500-MW San Lorenzo plant, commissioned in 2002, supports Luzon’s base-load power with high efficiency.
The San Gabriel Combined-Cycle Plant, a 420-MW facility operating since 2016, uses advanced gas turbine technology to provide clean, efficient power. It is owned by First NatGas Power Corporation, a First Gen subsidiary.
(Also read: First Gen Secures P10B BDO Loan for Casecnan Hydro Plant Purchase)
Powering the region’s future
As Luzon’s energy landscape evolves, San Miguel, AboitizPower, and First Gen continue to play vital roles in ensuring a stable and sustainable power supply. Each company is investing in renewable energy while balancing reliable baseload capacity to meet growing demand. Their combined efforts are shaping a cleaner, more resilient grid to support the region’s economic growth and energy security.
Sources:
https://businessmirror.com.ph/2025/03/17/san-miguel-is-phl-top-power-generation-company-erc/
https://www.smcglobalpower.com.ph/our-business-power-generation?slug=ilijan-power-plant&p=4
https://manilastandard.net/business/314561126/san-miguel-eyes-more-solar-lng-coal-plants.html
https://mb.com.ph/30/4/2025/aboitiz-power-q1-earnings-down-but-re-expansion-on-the-horizon
https://manilastandard.net/business/314584031/aboitiz-power-eyes-359-mw-re-projects.html
https://aboitizpower.com/about-us/our-businesses/power-generation/cleanergy/ap-renewables-inc
https://aboitizpower.com/about-us/our-businesses/power-generation/cleanergy/sn-aboitiz-power-group
https://business.inquirer.net/523948/first-gen-q1-2025-profit-dips-to-77m
https://businessmirror.com.ph/2025/05/06/weak-sales-pull-down-first-gens-q1-income/
https://www.firstgen.com.ph/our-business/natural-gas
