EDC vice president for corporate finance Erwin Avante said the biggest component of the capex would go to drilling works in its geothermal asset in Leyte. “We’re looking at three wells this year. That’s in the program, that’s over a billion pesos already,” Avante said.
“Our results for the first quarter was dominated by the impact of Typhoon Urduja that hit Leyte island, site of our biggest business unit, in December,” EDC chief finance officer Nestor Vasay said.
“Generation volume was lower by about 40 percent in Leyte compared to first quarter of 2017, and we continued to incur recovery expenses. However, we are now at 90 percent of the return-to-service activities in Leyte, and are targeting to complete our program by the third quarter,” he said.
That’s why this year, EDC is focusing on improving the reliability and efficiency of its power projects even when natural calamities strike.
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From the Global Geothermal News archives:
- Tuesday, December 19, 2017 - Philippines: Leyte Geothermal Power Plants Hit by Typhoon Urduja