Philippines:

EDC to Update Turbine at Tongonan Geothermal Plant (Manila Bulletin)

Energy Development Corporation (EDC) said its consolidated recurring net income declined 14 percent to  P4.7 billion in the first half of 2015, mainly due to the outage of the Tongonan Geothermal Plant and trading losses on the Unified Leyte strip business.

“Our 1H 2015 results fell short of target due to reliability issues at Tongonan Geothermal Power Plant,” Richard Tantoco EDC President and COO said in a disclosure to the Philippine Stock Exchange (PSE),

“These setbacks are significant but temporary as the turbine retrofit of Tongonan will commence 3Q 2016 and similar to Bacman, we expect to boost reliability and increase plant output,” he added.

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