Energy Development Corporation (EDC), the country’s largest geothermal and wind energy company, posted a Php 9.2 billion recurring net income attributable to equity holders of the Parent for 2014. The FY 2014 result is 40% higher than the Php 6.6 billion posted in the previous year. The record high performance primarily resulted from electricity sales from the start of commercial operations of its Bacman Plants following their rehabilitation. The timely commissioning of the Nasulo Geothermal Project also significantly contributed to the record high income.
Consolidated revenues reached Php 30.9 billion in 2014, up by Php 5.2 billion, or 20% from the Php 25.7 billion in 2013. More than half of the increase was attributed to Bacman at Php 2.8 billion. The successful commissioning of both the Nasulo power plant and the Burgos Wind project also added revenues amounting to Php 0.7 billion and Php 0.2 billion, respectively. Php 0.5 billion in higher electricity sales was also reported for Mindanao, mainly due to the absence of any shortfall adjustments.
“We are now realizing the benefits from investments made for the Bacman plant rehabilitation works, the 150 MW Burgos wind, and the 49.4MW Nasulo geothermal projects,” EDC President and Chief Operating Officer Richard Tantoco said.
EDC has likewise executed well the past 12 months with the earlier than expected return to service of the Yolanda-damaged Leyte plants last May 2014.
“Moving forward, we will progressively implement engineering solutions to typhoon-proof the cooling tower assets of our geothermal power plants to prevent similar damage in the future,” Mr. Tantoco added.
Inclusive of non-recurring items, consolidated net income attributable to equity holders of the Parent reached Php 11.7 billion, 149% higher compared to the Php 4.7 billion recorded in the previous year. The movement was primarily driven by the Php 5.2 billion increase in revenue and the Php 1.9 billion net recovery on impairment for the Northern Negros Power Plant.
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.