The top three power generation companies in Mindanao—Aboitiz Power, San Miguel Corporation (SMC), and First Gen—have released their first quarter (Q1) earnings reports for 2025. Let’s take a look at the numbers.
Aboitiz Power
Aboitiz Power holds the largest share of Mindanao’s power market, with a generating capacity of 638,830 kilowatts (kW)—representing 14.88 percent of the region’s total.
The company saw its earnings decline in the first quarter of 2025, as lower electricity prices, planned maintenance shutdowns, and rising financing costs put pressure on its performance. It reported a 41 percent drop in net income, falling to ₱4.62 billion from ₱7.86 billion during the same period last year. Still, the company remains committed to long-term growth, supported by ongoing investments to expand its energy portfolio.
“We are positioning ourselves for the future,” the company stated, emphasizing that the acquisition will enhance the diversity of its generation mix and strengthen energy security.
Aboitiz Power operates several power generation assets in Mindanao, encompassing both renewable and thermal (coal-fired) plants. Here are highlights from the company’s key facilities across the region—those that play a crucial role in ensuring a stable and diverse energy supply for Mindanao.
Therma South, Inc. (TSI) was the first coal-fired power plant in the Philippines to introduce a Coal Dome—an enclosed facility designed to securely store coal and minimize dust-related pollution during handling and combustion.
Situated between Davao City and Sta. Cruz in Davao del Sur, the 300-megawatt (MW) facility utilizes advanced Circulating Fluidized Bed (CFB) technology, which enhances efficiency by allowing the combustion process to be recirculated. The facility supplies electricity to over 20 electric cooperatives and distribution utilities across Mindanao.
Therma Marine, Inc. (TMI) runs two oil-fired power barges, each with a capacity of 100 MW. These floating power facilities are located in Maco, Davao de Oro (Mobile 1) and Nasipit, Agusan del Norte (Mobile 2). AboitizPower pioneered its first hybrid Battery Energy Storage System (BESS) at TMI Mobile 1 in Maco, Davao de Oro, three years ago. The integration of BESS with oil-fired generation enables quick, responsive power delivery, supporting grid stability through essential ancillary services.
TMI has begun construction of a 48-MW BESS at its Mobile 2 facility in Nasipit, Agusan del Norte. Once operational by mid-next year, the project is expected to enhance grid stability in the region.
(Also read: Aboitiz Power Breaks Ground for Hybrid Energy Storage Project in Agusan del Norte)
San Miguel Corporation
San Miguel Corporation holds 378,890 kilowatts (kW) of generating capacity in Mindanao, accounting for approximately 8.85 percent of the region’s total power capacity.
In a disclosure to investors on May 14, San Miguel Corporation (SMC) announced that its net income jumped 387 percent year-on-year, reaching ₱43.4 billion in the first quarter—up from ₱8.9 billion in the same period last year. The earnings boost was partly fueled by a one-time gain from the sale of power assets, along with foreign exchange gains, which helped cushion the impact of a dip in consolidated revenues.
“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 chair and CEO Ramon Ang.
SMC has established a strong presence in Mindanao’s energy sector through its portfolio of large-scale power plants that support the region’s growing demand for reliable electricity.
The Malita Power Plant is a coal-fired facility with two units of 150 MW each, utilizing Circulating Fluidized Bed (CFB) technology to improve efficiency and reduce emissions. As a greenfield development, it has played a key role in strengthening energy security in the Mindanao grid since it began commercial operations in February 2018.
While SMC’s major existing power plants in Mindanao are coal-fired, the company is expanding into renewables through its subsidiary, SMC Global Light and Power Corporation. The second phase of its solar projects, including sites in Davao, aims to add 1,100 megawatt-peak (MWp) capacity by 2039. SMC is also rolling out Battery Energy Storage Systems (BESS) nationwide, including five facilities with a combined capacity of 90 MW in Mindanao, to boost grid stability and support renewable integration.
(Also read: DOE Mindanao in need of more energy sources for energy security)
First Gen Corporation
First Gen ranks third in Mindanao’s power market, with a generated capacity of 109,990 kilowatts—equivalent to around 2.56 percent of the region’s total electricity supply.
The company’s attributable recurring net income for the first quarter of 2025 declined by 4 percent, reaching $77 million (approximately ₱4.28 billion), compared to $81 million in the same period last year. This decrease was largely due to slower energy sales, particularly from its geothermal subsidiary, Energy Development Corporation (EDC).
“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,” said First Gen President and Chief Operating Officer Francis Giles B. Puno.
Commissioned in 1957, the Agusan Mini-Hydroelectric run-of-river plant consists of two 800-kilowatt (kW) turbine generators utilizing water from the Agusan River to generate electricity. It serves the immediate domestic and industrial requirements of the area and is connected to the local distribution grid via the Transco distribution line.
Its subsidiary EDC operates key geothermal power plants in Kidapawan City, North Cotabato, including the Mindanao 1 and 2 plants with a combined capacity of over 108 MW, and the recently inaugurated 3.6-MW Mindanao 3 binary plant. These facilities harness geothermal steam and brine from the Mindanao geothermal field, providing stable, renewable energy that supports Mindanao’s power needs while advancing EDC’s goal of sustainable and clean energy development.
(Also read: Japanese Gas Firm Taps First Gen for 100% Renewable Energy in Mindanao Facility)
Sources:
https://businessmirror.com.ph/2025/03/17/san-miguel-is-phl-top-power-generation-company-erc/
https://aboitizpower.com/about-us/our-businesses/power-generation/thermal/therma-south-inc
https://aboitizpower.com/about-us/our-businesses/power-generation/thermal/therma-marine-inc
https://www.pna.gov.ph/articles/1248437
https://www.rappler.com/business/san-miguel-earnings-report-q1-2025/
https://business.inquirer.net/525415/san-miguel-bottom-line-surges-to-p43-4b
https://www.smcglobalpower.com.ph/our-business-power-generation?slug=malita-power-plant&p=4
https://www.smcglobalpower.com.ph/?p=1
https://manilastandard.net/business/314561126/san-miguel-eyes-more-solar-lng-coal-plants.html
https://business.inquirer.net/523948/first-gen-q1-2025-profit-dips-to-77m
https://www.firstgen.com.ph/our-business/hydro
https://www.energy.com.ph/edc-inaugurates-3-6-mw-mindanao-3-geothermal-binary-plant-today/
