According to FGen, its subsidiary Energy Development Corp. (EDC) posted lower revenues due to reduced generation volumes from plant maintenance, weaker prices in the Wholesale Electricity Spot Market (WESM), and the impact of newly incurred debt. "First NatGas Power Corp., the owner of the 420-megawatt (MW) San Gabriel natural gas-fired power plant likewise continued to experience a drop in revenues as its power supply agreement (PSA) with Meralco [Manila Electric Co.] expired last February 2024," it stated. The firm's revenues during the first three months also declined by two percent year-on-year to $13 million (₱500 million) due to lower electricity sales across its natural gas and geothermal platforms. "In contrast, the hydroelectric power plants had a better start in 2025 as the rains from the previous year enabled higher power production," FGen added.