Energy Development Corporation (EDC), the country’s leading producer of geothermal energy, posted a consolidated recurring net income of Php 9.89 billion in 2012, up 89 percent jump from Php 5.24 billion in 2011.
“Our significant investments in the rehabilitation of our recent power plant acquisitions drove the Company’s growth in Net Income in 2012,” EDC President and COO Richard Tantoco said. “Our patient efforts are finally bearing fruit,” he added.
For 2012, EDC’s full year electricity sales increased by 16% to Php28.4 billion from the Php24.5 billion generated the previous year. Higher contracted revenues by wholly owned subsidiaries Green Core Geothermal, Inc. (GCGI), and ancillary service sales of First Gen Hydro Power Corp. (FGHPC) were the main sources for significant increase.
EDC remains the largest producer of geothermal energy in the Philippines accounting for 62 percent of the total country installed geothermal capacity. It has also obtained and is developing geothermal concessions in Chile and Peru.
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.