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)
