UNITED STATES SECURITIES AND EXCHANGE
COMMISSION Washington, DC 20549 FORM 10-Q  QUARTERLY REPORT UNDER
SECTION 13 OR 15(f) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY
PERIOD ENDED March 31, 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 issuer (1) 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).    [ ] Yes  [ X] No As of
March 31, 2007, 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) Interim Financial Statements (unaudited) For the 3-Month Period Ended March 31, 2008 Amounts expressed in US Dollars   The Condensed Notes form an integral part of the consolidated
unaudited interim financial statements Page 2   Index Interim Balance Sheets as at
March 31, 2008 (unaudited) and December 31, 2007 (audited)

3Interim Statements of
Operations for the 3-month periods ended March 31, 2008 and March 31, 2007
(unaudited)

4Interim Statements of Cash
Flows for the 3-month periods ended March 31, 2008 and March 31, 2007
(unaudited)

5Interim Statements of Changes
in Stockholders Deficiency for the 3-month period ended March 31, 2008
(unaudited) and the year ended December 31, 2007

6 - 7Condensed Notes to Interim
Financial Statements (Unaudited)

8





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


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

Dec 31, 2007$

$ASSETSCURRENT
ASSETSCash
140,147

158,313140,147

158,313LIABILITIESCURRENT
LIABILITIESAccounts
payable and accrued liabilities
11,505

8,875Loans
from shareholders
258,313

258,313269,818

267,188STOCKHOLDERS
DEFICIENCYCAPITAL
STOCK
76,424

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

320,937DEFICIT,
ACCUMULATED DURING THE DEVELOPMENT STAGE
(527,032)

(506,236)(129,671)

(108,875)140,147

158,313


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


FIRST NATIONAL POWER CORPORATION(A Development Stage Company)Interim Statements of OperationsFor the 3 month periods ended March 31, 2008 and March 31,
2007(Amounts expressed in US Dollars)(Unaudited)Three
months

Three
monthsCumulative

ended

endedSince

31-Mar

31-MarInception

2008

2007$

$

$OPERATING EXPENSESInterest Income
(5,657)

(757)

0Forgiveness of accounts
payable and loans
(47,394)

-

-General and
administrative expenses
333,711

6,227

1,296(Gain) Loss on Foreign
Exchange
289Project development
costs
242,857

15,326

-Interest
3,226

0

34527,032

20,796

1,330NET
LOSS
527,032

(20,796)

(1,330)Net loss
per share, basic and diluted


$
         (0.00)

$
        (0.00)Weighted
average common shares outstanding

76,422,760

76,276,760


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


FIRST NATIONAL POWER CORPORATION(A Development Stage Company)Interim Statements of Cash FlowsFor the 3 month periods ended March 31, 2008 and March 31,
2007(Amounts expressed in US Dollars)(Unaudited)Cumulative

Three
months

Three
monthsSince

ended

endedInception

March 31,
2008

March 31,
2007$

$

$CASH FLOWS FROM OPERATING
ACTIVITIESNet loss
(527,032)

(20,796)

(1,330)Adjustments for items
not affecting cashShares
issued for services rendered
299,890



-Forgiveness
of accounts payable and loans
(47,394)Increase
(decrease) in accounts payableand
accrued liabilities
15,504

2,630

(561)Net cash
used in operating activities
(259,032)

(18,166)

(1,891)CASH FLOWS FROM
FINANCING ACTIVITIESLoans from Shareholders
301,708

-

-Proceeds
from capital stock subscriptions
97,471

-

-Net cash
provided by financing activities
399,179

-

-NET INCREASE (DECREASE)
IN CASH
140,147

(18,166)

(1,891)Cash, beginning of
period
-

158,313

203,272CASH, END OF PERIOD
140,147

140,147

201,381INCOME TAXES PAID
-

-

-INTEREST PAID
3,226

-

34


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


FIRST NATIONAL POWER CORPORATION(A Development Stage Company)Interim Statements of Changes in Stockholders
DeficiencyFor the period from inception to March 31,
2008(Amounts expressed in US Dollars)(Unaudited)DeficitCommon



Additional

accumulatedCommon

Stock

Common

Paid-In

during
theStock

Number of

Stock

Capital

developmentAmount

Shares

Subscribed

(Discount)

stage$



$

$

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

100,000



900Net Loss
for the Period








(968)Balance as of December
31, 2000
100

100,000

-

900

(968)Issuance of stock for
cash
400

400,000



3,600Issuance of stock for
cash
700

700,000



6,300Issuance of stock for
cash
850

850,000



7,650Currency Translation






100Net Loss
for the Year








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

2,050,000

-

18,550

(24,922)Expiration of
rescission offer for sale of stock
64

63,536



6,290Net Loss
for the Year








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

2,113,536

-

24,840

(50,969)


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


Stock
split 5:1
8,454

8,454,144



(8,454)Shares
issued for services rendered
200

200,000



79,800Net Loss
for the Year








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

10,767,680

-

96,186

(158,214)Stock
split 7:1
64,606

64,606,080



(64,606)Shares
issued for services rendered
30

30,000



15,870Shares
subscribed




146

70,371Shares
issued for services rendered
44

43,000



9,956Net Loss
for the Year








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

75,446,760

146

127,777

(233,628)Shares
issued for services rendered
830

830,000



193,160Net Loss
for the Year








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

76,276,760

146

320,937

(442,514)Net Loss for the year








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

76,276,760

146

320,937

(475,476)Issued shares bought by
subscription
146

146,000

(146)Net Loss for the
year








(30,760)Balance as of December
31, 2007
76,424

76,422,760

-

320,937

(506,236)Net Loss for the period








(20,796)Balance  as at March 31,
2008
76,424

76,422,760

-

320,937

(527,032)


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


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 March 31,
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. Finally, the
Company continues to enjoy their relationship with the Durham Strategic Energy
Alliance. While no projects are under active consideration, the Company believes
the symbiotic relationship important to their long term plans for the Toronto
area. 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. 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, including
our consolidated subsidiary, 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: May 14, 2008   /s/ Peter
Wanner Peter Wanner Chief Financial Officer