Geothermal leader Energy Development Corporation generated a net income of Php8.57 billion for the first nine months of 2012 which reverses the net loss of Php488 million registered for the same period last year. The increase was boosted mainly by revenues from EDC subsidiaries Green Core Geothermal Inc. (GCGI) and First Gen Hydro Power Corp. (FGHPC). GCGI posted a net income of Php2.16 billion from the 305MW Tongonan I and Palinpinon power plants’ power supply agreements while FGHPC earned Php2.77 billion from the sale of electricity and ancillary services for the Pantabangan-Masiway hydroelectric plants. These were partially offset by the Php195 million net loss by another subsidiary, Bacman Geothermal, Inc. (BGI), mainly due to trading losses as a result of the delay in the re-commissioning of the Bacman geothermal plants.
“The generator rotor of both Units 1 & 2 are already on site from Stafford, England. Meantime, the re-blading of the turbine rotors is still on-going. Everything that we presently know points to EDC conducting reliability runs close to the end of 2012 and achieving full commercial operation in 2013 for the large Bacman Units.”, EDC President and COO Richard Tantoco said.
“For the 20 MW Bacman unit, our best case view now is for a de-rated operation of 6-7 MW only and the timing is still uncertain. The generator rotor is being repaired in country and it is proceeding very slowly. In the meantime, we have ordered a replacement which has a lead time of 14 months to deliver on site, “Tantoco added.
The recurring net income generated by EDC in the first three quarters of 2012 rose 96% to P7.77 billion from the Php3.97 billion posted during the same period last year, mainly due to the Php4.07 billion increase in electricity sales by GCGI and FGHPC. Net income and recurring net income attributable to equity holders of the parent also increased to Php7.1 billion and Php6.3 billion, respectively.
The Energy Development Corporation (EDC) is a pioneer in generating 100% clean, renewable, and reliable power as an electricity supplier in the Philippines for over 40 years. With power plants all over Visayas and Mindanao, the company is one of the biggest producers of geothermal energy in Asia and is expanding its reach in the international market, allowing it to offer customers affordable energy rates. EDC also strives to provide the best customer service it can to all its clients by having helpful salespeople and easy to understand contracts. Because of all of this, it is poised to become the premier supplier of electricity for the Philippines’ Green Energy Option Program. EDC takes its mission as a renewable energy provider seriously and goes beyond sustainability by investing in programs that enhance the environment and empower its partner communities, thereby fostering regenerative development. The company has also been working toward being carbon-neutral by improving its energy efficiency, as well as implementing various greening projects to ensure that its mission to provide future generations with a better life remains intact.