Thursday, August 15, 2019

Philippines: Geothermal Energy Powers EDC to Record Profits

Power sales fuel First Gen Q2 profit surge (BusinessWorld  Online)

First Gen Corp. subsidiary Energy Development Corp. (EDC) recorded recurring earnings from its geothermal, wind and solar platform of $49 million, higher by 48% from the previous year as its Unified Leyte and Tongonon geothermal plants continued to normalize their operations after the damage brought by a typhoon in December 2017.

The five (5) geothermal service contract areas where EDC’s geothermal production steam fields are located are:
  • Tongonan Geothermal Project 
  • Southern Negros Geothermal Project 
  • Bacon-Manito Geothermal Project 
  • Mt. Apo Geothermal Project 
  • Northern Negros Geothermal Project 
The company, through its subsidiaries Green Core Geothermal Inc. (GCGI) and Bac-Man Geothermal Inc. (BGI) secured three (3) Geothermal Operating Contracts covering power plant operations:
  • Tongonan Geothermal Power Plant (with a twenty-five (25) year contract period expiring in 2037, renewable for another twenty-five (25) years)
  • Palinpinon Geothermal Power Plants (with a twenty-five (25) year contract period expiring in 2037, renewable for another twenty-five (25) years)
  • Bacon-Manito Geothermal Power Plants (with a twenty-five (25) year contract period expiring in 2037, renewable for another twenty-five (25) years) 
The  company also holds Geothermal Service Contracts (GSC) for the following prospect areas:
  • Balingasag Geothermal Project (with a five-year pre-development period expired in 2017, granted extension until 2019; 25-year contract period expiring in 2037, renewable for another twenty-five (25) years) 
  • Mt. Zion 2 Geothermal Project (with a five-year pre-development period expiring in 2020, 25-year contract period expiring in 2040, renewable for another twenty-five (25) years) 
  • Amacan Geothermal Project (with a five-year pre-development period expiring in 2021, 25-year contract period expiring in 2041, renewable for another twenty-five (25) years)