Most of First Gen’s opportunities emerged because of the changing energy industry and global trends, specifically, new markets, increased energy demand, decentralization, and innovation. These opportunities are also consistent with the Company’s mission, purpose, strategy, and capabilities.
CAPTURING DEMAND
Despite the setbacks experienced in 2020, the energy demand for the country is still expected to grow in the near future, eventually leading to an additional need to augment capacity. First Gen has several capacity-adding projects under construction and in the pipeline to help address the anticipated power demand.
EXPANSION OF MARKETS
The power industry continues to expand into a larger set of consumers and customers. This expansion of markets creates opportunities, particularly for retail electricity suppliers and power producers to be more competitive and to differentiate their offerings to the consumers. First Gen currently has several retail electricity supplier and renewable energy supplier licenses. The Company has also launched several communication campaigns to increase awareness and to reach these new markets.
“Despite the setbacks experienced in 2020, the energy demand for the country is still expected to grow in the near future.”
DECENTRALIZED AND SMALL- SCALE ENERGY SOLUTIONS
There are still underserved markets in the Philippines due to grid limitations. Some of these markets either have expensive, unstable, or inconsistent power supply. Recognizing the opportunity in decentralized and small-scale power industries and the need to improve access to dependable power, the Company is currently exploring small-scale opportunities that will provide reliable and consistent power to these areas that the grid does not reach.
DECARBONIZATION OF PLATFORMS
To mitigate climate change through emission reduction, there is an increasing need to use and introduce decarbonized and renewable sources of energy and innovations that address today’s energy demands without compromising the environment.