Lopez-led Energy Development Corp. (EDC) grew its earnings over a fifth in 2016 due to improved sales of its wind and hydropower assets coupled with lower operating expenses from its power plants. EDC said its net income rose 24 percent from P7.86 billion in 2015 to P9.72 billion last year. Meanwhile, core net income increased…
Tag: EDC
EDC encourages government to aid geothermal development
Lopez-led Energy Development Corp. (EDC) is encouraging government to support the development of more geothermal projects—a clean and steady-priced power supply source—as it says the country cannot just rely on coal-fired power plants. A staunch supporter of clean energy adoption, EDC said geothermal is not only a clean and renewable energy source but its cost…
3 local groups eye Chevron geothermal assets
At least three big local conglomerates are looking at buying the domestic geothermal assets of American energy giant Chevron, which is seen unloading its Philippine and Indonesian geothermal units to focus on its core oil and gas businesses. Ayala Corp., Lopez-led Energy Development Corp. and Aboitiz Equity Ventures are studying the geothermal assets of Chevron. Read…
EDC settles Bacman arbitration against Weir
ENERGY Development Corp. (EDC) on Tuesday said its subsidiary has reached an agreement with contractor Weir Engineering Services, Ltd. to end the arbitration proceedings over rehabilitation works for its Bacon-Manito (BacMan) geothermal power plant in Bicol region. In a disclosure to the stock exchange, EDC said Bac-Man Geothermal, Inc. (BGI) and Weir have agreed to jointly…
EDC borrows P5 B for capex
Lopez-led Energy Development Corp. (EDC) has borrowed P5 billion from Union Bank of the Philippines to finance its capital spending this year. EDC disclosed yesterday it executed a loan agreement with UnionBank for the total amount of P5 billion. The amount loaned will help augment the company’s cash requirements this year, EDC vice president for…
526MW of solar projects make it to FIT
A TOTAL of 526 megawatts (MW) of installed solar power capacity made it to the race for Feed-in-Tariff (FIT) incentives, according to data released Tuesday by the Department of Energy (DOE). The approved capacity was just half of the total 1,047.9MW endorsed by DOE for FIT incentives. The list included projects of listed firms and prominent…
EDC supports Duterte’s clean energy policy
Energy Development Corp. EDC president and chief operating officer Richard Tantoco said the Lopez group is ready to support President-elect Rodrigo Duterte’s administration in the move towards cleaner energy. Tantoco, however, said to be able to roll out EDC’s projects, it is important to have clear and stable policy directives from the executive. These include policies…
DENR’s Paje commends EDC on reforestation manual
ENVIRONMENT Secretary Ramon J.P. Paje has commended the Energy Development Corp. (EDC) for coming up with a reference manual on reforestation, saying it could be a useful tool for the highly acclaimed National Greening Program (NGP) and other reforestation projects of the government. Read more here.
EDC exploring RE projects in LatAm
Lopez-led Energy Development Corp. is exploring opportunities to invest in renewable energy projects in Latin America in the next two years, its top official said. A couple of developments have opened up opportunities in the renewables sector in Latin America, EDC president and COO Richard Tantoco said. Read more here.
Lopez group raises funds for classrooms in Yolanda areas
The Lopez Group has raised P196 million to complete the construction of typhoon-resilient school rooms in areas hit by super Typhoon Yolanda and other recent disasters by September this year. The school rebuilding program covers the construction of 150 classrooms housed in 66 school buildings in 30 cities and municipalities in 11 provinces – Leyte, Eastern…
EDC sees P600-million additional income from 3 geothermal plants
ENERGY Development Corp. (EDC) s expecting to reap additional revenues of P600 million next year on account of improved performance of its three geothermal assets, the 192.5-megawatt (MW) Palinpinon, 112.5-MW Tongonan, and 49.4-MW Nasulo geothermal plants. EDC President Richard Tantoco said the optimization, reengineer and redesign of these plants would result in additional 10 MW, 20…
EDC to double wind capacity in 3 years
FPHC said it will aggressively double its wind-power capacity in the next three years. Francis Giles B. Puno, the company’s president and COO, the company has a 150-megawatt (MW) wind farm in Burgos, Ilocos Norte. The expansion project will immediately start EDC’s application for feed-in tariff (FiT) once it is approved by the government. Read more…
Winnergy Holdings Corp. 