Philippines:

Energy Development Corporation Reports Turnaround in Revenue (Inquirer.net)

Energy Development Corporation (EDC) has said that it posted a net income of P8.6 billion in the first nine months of 2012, a turnaround from the P488-million net loss it incurred a year ago.

According to EDC, the company’s improved financial performance in the first three quarters of the year could be attributed mainly to higher electricity revenues of its subsidiaries and the absence of the P5-billion impairment loss on the property, plant and equipment of the 49 MWe Northern Negros Geothermal power facility, which was recognized in June 2011.

NNGP was shut down last year due mainly to a mismatch in the geothermal resources in the area and the capacity that can be generated by the facility. The equipment will be moved to another area within the island that can support a higher generation capacity, while a smaller facility may be put in place of the NNGP.

Revenues from the sale of electricity alone rose by 21 percent to P21.4 billion in the first three quarters of 2012 from P17.7 billion during the same period a year ago due to the better performance by Green Core Geothermal Inc., the project company managing the 305 MWe Palinpinon-Tongonan power plants, and FG Hydro.

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