By Jordeene B. Lagare | The Manila Times
Energy Development Corporation (EDC) has obtained its board’s go signal to engage in the generation, sale, and supply of renewable energy (RE) as well as provide ancillary services.
In a disclosure to the Philippine Dealing and Exchange Corp., EDC said its board of directors approved the amendment to the second article of the Lopez-led company’s articles of incorporation to expand its primary purpose.
These include the generation, sale, and supply of electricity from renewable sources, including participation and trading in any market for electricity, ancillary power, or intangible assets, such as tradable certificates and other financial instruments, without engaging in the business of an investment company or a broker or seller of securities.
EDC also intends to engage in additional business services such as those related to energy storage, provision of ancillary services, and energy trading transactions.
Ancillary services are support services needed to maintain power quality, reliability, and security of the grid.
The firm said these matters will be tackled in a stockholders’ meeting and/or any adjournment or postponements thereof, to be scheduled at a later time.
EDC, a subsidiary of listed First Gen Corp., has a total installed capacity of 1,480 megawatts (MW), which accounts for 20 percent of the country’s total installed RE capacity, while its 1,181 MW geothermal portfolio accounts for 62 percent of the country’s total installed geothermal capacity.
In the first nine months of 2021, EDC posted a net income of P7.42 billion, which was slightly higher than the P7.40 billion it recorded in the same period a year ago.
Total revenue from the sale of electricity rose by 16.4 percent to P31.59 billion from P27.14 billion year on year.
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.