The company derived higher revenues from increased volume of electricity sales and elevated fuel and Wholesale Electricity Spot Market prices. "First Gen managed to produce better earnings for 2022, despite lower earnings in the first nine months. We saw EDC (Energy Development Corp.) make a strong recovery from the better performance of its geothermal plants, while the hydro platform delivered stable income," First Gen president and chief operating officer Francis Giles Puno said. "The natural gas platform was able to contain its fuel supply curtailment issues from Malampaya, and was able to sell more power in 2022. This led to a minimal decline in net income in the gas portfolio," Puno said. The natural gas portfolio accounted for 66 percent of First Gen's total consolidated revenues, while 31 percent came from EDC's geothermal, wind and solar plants.