UNITED STATES SECURITIES AND
EXCHANGE COMMISSION Washington, DC
20549 FORM 10-Q  QUARTERLY REPORT UNDER
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY
PERIOD ENDED September 30, 2008 Commission file number 333-62588 First National Power
Corporation #219, 227 Bellevue Way NE Bellevue, WA 98004 416-918-6987  IRS TAX ID #
76-0819545 State of
Incorporation: Delaware  Indicate by
check mark whether the registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes [X]
  No  [ ] Indicate by
check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company.  See the
definitions of large accelerated filer, accelerated filer and smaller
reporting company in Rule 12b-2 of the Exchange Act. Large
accelerated filer [
 ] Accelerated
filer
                   [
 ] Non-accelerated
filer [
 ] (Do not check if a smaller reporting company) Smaller
reporting company  [X] Indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2
of the Exchange Act).    [x] Yes  [  ] No As of
September 30, 2008, there were 76,422,760 shares issued and outstanding
of the issuers common stock.  PART I: FINANCIAL INFORMATION Item 1.
Financial Statements:            First National Power Corporation (A Development Stage Company) Financial Statements (unaudited) For the 9 Month period ended September 30, 2008 Amounts expressed in US Dollars   The Notes form an integral part of the interim financial
statements Page 2


Index Interim Balance Sheets as at
September 30, 2008 (unaudited) and December 31, 2007 (audited)

3Interim Statements of
Operations for the 9 month periods ended September 30, 2008 and September
30, 2007and for the cumulative period since inception (unaudited)

4Interim Statements of
Operations for the 3 month periods ended September30, 2008 and September
30, 2007 (unaudited)

5Interim Statements of Cash
Flows for the 9 month periods ended September 30, 2008 and September 30,
2007 and for the cumulative period since inception (unaudited)

6Interim Statements of Changes
in Stockholders Deficiency for the period since inception
(unaudited)

7 - 8Condensed Notes to Interim
Financial Statements (unaudited)

9


The Notes form an integral part of the interim financial
statements Page 3


FIRST NATIONAL POWER CORPORATION(A Development Stage Company)Interim Balance SheetsAs of September 30, 2008 and December 31,
2007(Amounts expressed in US Dollars)(Unaudited)September 30

December 312008

2007$

$ASSETSCURRENT ASSETSCash
93,580

158,313Project deposit fees
10,000103,580

158,313LIABILITIESCURRENT LIABILITIESAccounts payable and
accrued liabilities
7,743

8,875Loans from shareholders
258,313

258,313266,056

267,188STOCKHOLDERS
DEFICIENCYCAPITAL STOCK
76,424

76,424ADDITIONAL
PAID-IN-CAPITAL
320,937

320,937DEFICIT, ACCUMULATED
DURING THE DEVELOPMENT STAGE
(559,837)

(506,236)(162,476)

(108,875)103,580

158,313


The Notes form an integral part of the interim financial
statements Page 4


FIRST NATIONAL POWER CORPORATION(A Development Stage Company)Statements of OperationsFor the 9 month periods ended September 30, 2008 and
September 30, 2007(Amounts expressed in US Dollars)(unaudited)Nine months

Nine monthsCumulative

ended

endedSince

September 30

September 30Inception

2008

2007$

$

$OPERATING
EXPENSESInterest
Income
(6,569)

(1,669)Forgiveness
of accounts payable and loans
(47,394)General
and administrative expenses
347,428

19,944

12,349Loss
on Foreign Exchange
289



-Project
development costs
262,857

35,326

9,937Interest
Expense
3,226

-

589559,837

53,601

22,875NET
LOSS
(559,837)

(53,601)

(22,875)Net
loss per share, basic and diluted


$
   (0.00)

$
   (0.00)Weighted
average common shares outstanding

76,422,760

76,277,260


The Notes form an integral part of the interim financial
statements Page 5


FIRST NATIONAL POWER CORPORATION(A Development Stage Company)Interim Statements of OperationsFor the three month periods ended September 30, 2008 and
September 30, 2007(Amounts expressed in US Dollars)(Unaudited)Three
Months

Three
Monthsended

endedSeptember 30,
2008

September 30,
2007$

$OPERATING EXPENSESInterest Income

(398)General and
administrative expenses
4,251

4,908Project development
costs

5,000

9,937Interest



2718,853

15,116NET LOSS

(8,853)

(15,116)Net
loss per share, basic and diluted
$
      (0.00)

$
         (0.00)Common
shares outstanding

76,422,760

76,277,260


The Notes form an integral part of the interim financial
statements Page 6


FIRST NATIONAL POWER CORPORATION(A Development Stage Company)Statements of Cash FlowsFor the 9 month periods ended September 30, 2008 and
September 30, 2007(Amounts expressed in US Dollars)Cumulative

Nine
months

Nine
monthsSince

ended

endedInception

September 30

September 30$

2008

2007CASH FLOWS FROM OPERATING
ACTIVITIESNet loss
(559,837)

(53,601)

(16,870)Adjustments for items
not affecting cashShares
issued for services rendered
299,890Forgiveness
of accounts payable and loans
(47,394)Increase
in Project Deposits
(10,000)

(10,000)Increase
(decrease) in accounts payableand
accrued liabilities
11,742

(1,132)

(13,908)Net cash
used in operating activities
(305,599)

(64,733)

(30,778)CASH FLOWS FROM
FINANCING ACTIVITIESLoans from Shareholders
301,708

-

34,309Proceeds from sale of
capital stock
97,471Net cash
provided by financing activities
399,179

-

34,309NET INCREASE
(DECREASE) IN CASH
93,580

(64,733)

3,531Cash, beginning of
period
-

158,313

35CASH, END OF PERIOD
93,580

93,580

3,566INCOME TAXES PAID
-

-

-INTEREST PAID
3,226

-

-


The Notes form an integral part of the interim financial
statements Page 7


FIRST NATIONAL POWER CORPORATION(A Development Stage Company)Statements of Changes in Stockholders
DeficiencyFrom Inception until September 30, 2008(Amounts expressed in US Dollars)(unaudited)DeficitCommon



Additional

accumulatedCommon

Stock

Common

Paid-In

during
the

TotalStock

Number
of

Stock

Capital

development

ShareholderAmount

Shares

Subscribed

(Discount)

stage

Equity$



$

$

$

$Balance at November 16,
2000Issuance of common
stock for cash
100

100,000



900



1,000Net Loss
for the Period








(968)

(968)Balance as of December
31, 2000
100

100,000

-

900

(968)

32Issuance of stock for
cash
400

400,000



3,600



4,000Issuance of stock for
cash
700

700,000



6,300



7,000Issuance of stock for
cash
850

850,000



7,650



8,500Currency Translation






100



100Net Loss
for the Year








(23,954)

(23,954)Balance as of December
31, 2001
2,050

2,050,000

-

18,550

(24,922)

(4,322)Expiration of recission
offer forsale of
stock
64

63,536



6,290



6,354Net Loss
for the Year








(26,047)

(26,047)Balance as of December
31, 2002
2,114

2,113,536

-

24,840

(50,969)

(24,015)


The Notes form an integral part of the interim financial
statements Page 8


Stock
split 5:1
8,454

8,454,144



(8,454)



-Shares
issued for services rendered
200

200,000



79,800



80,000Net Loss
for the Year








(107,245)

(107,245)Balance as of December
31, 2003
10,768

10,767,680

-

96,186

(158,214)

(51,260)Stock
split 7:1
64,606

64,606,080



(64,606)



-Shares
issued for services rendered
30

30,000



15,870



15,900Shares
subscribed




146

70,371



70,517Shares
issued for services rendered
44

43,000



9,956



10,000Net Loss
for the Year








(75,414)

(75,414)Balance as of December
31, 2004
75,448

75,446,760

146

127,777

(233,628)

(30,257)Shares
issued for services rendered
830

830,000



193,160



193,990Net Loss
for the Year








(208,886)

(208,886)Balance as of December
31, 2005
76,278

76,276,760

146

320,937

(442,514)

(45,153)Net Loss
for the Year








(32,962)

(32,962)Balance as of December
31, 2006
76,278

76,276,760

146

320,937

(475,476)

(78,115)Net Loss
for the Year








(30,760)

(30,760)Issue shares bought
under subscription
146

146,000

(146)





-Balance as of December
31, 2007
76,424

76,422,760

-

320,937

(506,236)

(108,875)Net Loss for the
period








(53,601)

(53,601)Balance as of September
30, 2008
76,424

76,422,760

-

320,937

(559,837)

(162,476)


The Notes form an integral part of the interim financial
statements Page 9


First National Power Corporation (A Development Stage Company) Condensed Notes to the Interim Financial Statements For the 9 months ended September 30, 2008 (unaudited) Amounts expressed in US Dollars      NOTES TO INTERIM
FINANCIAL STATEMENTS  The accompanying
unaudited interim financial statements have been prepared in accordance with the
instructions to Form 10-Q and do not include all the information and footnotes
required by generally accepted accounting principles for complete financial
statements.  In the opinion of management, all adjustments (consisting of
all recurring accruals considered necessary for fair presentation) have been
included.  Operating results for the interim periods are not necessarily
indicative of the results that may be expected for the year ended December 31,
2008. Interim financial statements should be read in conjunction with the
Companys annual audited financial statements.   1. Organization and Basis of Presentation  Description of the Business  The Company was incorporated on November 16, 2000 under the laws
of the State of Delaware.  The business purpose of the Company is to
acquire and deploy green energy generation solutions that are new to the
market.   Going Concern  The Companys financial statements are prepared using accounting
principles generally accepted in the United States of America and applicable to
a going concern, which contemplates the realization of assets and liquidation of
liabilities in the normal course of business.  However, the Company has not
generated any revenues from its planned principal operations through September 30, 2008.
 Without realization of additional capital, it would be unlikely for the
Company to continue as a going concern.         Item 2:
Managements Discussion and Analysis of Financial Condition and Results of
Operation The Company
has completed a feasibility study and business model for the building of a
biomass power generation facility to be located in Millinocket, Maine. However,
just as the feasibility project was being completed, the balance of the capacity
for the transmission lines was dedicated to a wind power project in the
vicinity. The business model is complete but the project is officially in
abeyance until such time as the transmission lines are upgraded, and that is now
in the 5-year plans for the power authoritys capital expenditures. Once the
transmission lines are upgraded, the Company will revisit the business model for
further consideration. The Company
has been introduced to a group of entities that are in the Greater Toronto Area
who are seeking ways of turning both biomass and waste materials to power. The
Company has completed 2 business models, complete with feasibility studies, and
both projects are in the process of funding. One project in particular has been
thoroughly vetted and partners identified. In preparation for moving into
application and construction, the Company has purchased an allocation on the
transmission lines that are going to be used to carry the resultant power to
market. The Company
continues to believe that the funds that were derived through a loan facility
with York Truck is sufficient to complete the due diligence process and initial
contracting for at least 1 of these projects. Financing for the Toronto area
project has been tentatively identified, the amounts sufficient to design, build
and begin operations. It is anticipated that project financing will be in the
form of debt. Results
of Operations We have generated no
revenues since inception and have incurred $559,837 in expenses through
September 30, 2008.  The following table
provides selected financial data about our company for the quarters ended
September 30, 2008 and 2007, respectively.  Balance
Sheet Data: 9/30/08 9/30/07  Cash $
   93,580 $174,862 Total
assets $
   103,580 $174,862 Total
liabilities $
   266,056 $275,852 Item 4.
Controls and Procedures (a)Evaluation of Disclosure Controls and
Procedures. Under the supervision and with the participation of our senior
management, consisting of Peter Wanner, our chief executive officer and chief
financial officer, we conducted an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures, as defined in Rules
13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended,
as of the end of the period covered by this report (the Evaluation Date).
Based on this evaluation, our chief executive officer and chief financial
officer concluded as of the Evaluation Date that our disclosure controls and
procedures were effective such that the information relating to us required to
be disclosed in our Securities and Exchange Commission (SEC) reports (i) is
recorded, processed, summarized and reported within the time periods specified
in SEC rules and forms, and (ii) is accumulated and communicated to our
management, including our chief executive officer and chief financial officer,
as appropriate to allow timely decisions regarding required disclosure.        (b)Changes in Internal Control over
Financial Reporting. There were no changes in our internal control over
financial reporting that occurred during the period covered by this report that
have materially affected or are reasonably likely to materially affect our
internal control over financial reporting.  (c) Inherent in
small business is the pervasive problem of segregation of duties. Given that the
Company only employs one executive officer, who is also a director, segregation
of duties is not possible at this stage in the corporate lifecycle.   PART II  OTHER INFORMATION Item 6.
Exhibits Exhibits: Exhibit No.
Document
Location3.1
Articles of
Incorporation
Previously Filed3.2
Bylaws
Previously Filed31
Rule 13a-41(a)/15d-14(a)
Certificates
Included32
Section 1350
Certifications
Included SIGNATURES  Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized. FIRST NATIONAL POWER
CORPORATION DATE: 5 November 2008   /s/ Peter
Wanner Peter Wanner Chief Financial Officer