Energy Development Corporation

Energy Development Corporation (or simply EDC) is the largest producer of geothermal energy in the Philippines and the second largest in the world. It is involved in geothermal, hydroelectric and wind energy projects. The company was formerly owned by the Philippine National Oil Company, a state corporation owned by the Republic of the Philippines engaged in the exploration of resources, production of energy and distribution of power supply to smaller electricity distributor. EDC was privatized and acquired by the Lopez Group as part of its energy and power supply utility business units.

EDC used to be a subsidiary of Philippine National Oil Company. It was privatized and sold to First Philippine Holdings Corporation, a Lopez-owned and controlled corporation involved in energy and power supply generation business.

In 2013, the company registered consolidated net income attributable to equity holders of the parent of P4.740 billion, lower by 47% than P9.002 billion in 2012. Consolidated revenues decreased by 10% year-on-year to P25.656 billion from P28.369 billion. The attributable net income in 2013 represented 18.5% of total revenue, compared to 31.7% in 2012. Recurring net income attributable to equity holders of the parent decreased by 23% to P6.565 billion from P8.522 billion.

EDC booked a P1.261 billion foreign exchange loss due to the depreciation of the peso against the dollar in 2013, compared to a P1.054 billion foreign exchange gain in 2012 when the peso was stronger. EDC recorded a P625 million loss on damaged assets due to Typhoon Yolanda and a P575 million loss on impairment of exploration and evaluation assets in relation to its Cabalian Project in Southern Leyte.

The Department of Energy issued in May 2013 the Certificate of Confirmation of Commerciality in favor of EDC’s wind project in Burgos, Ilocos Norte under EDC Burgos Wind Power Corporation (EBWPC). The DoE certificate, the first to be issued by the DoE for a wind project, confirmed the Declaration of Commerciality for EBWPC to develop, operate, and maintain a feasible and viable 87 MW wind power project. The certification converts the Burgos wind farm’s Wind Energy Service Contract issued in 2009 from the exploration/pre-development to development/commercial stage.

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