MANILA, Philippines - Energy Development Corp. (EDC), the Philippines' biggest geothermal and wind energy company, said its recurring net income surged 40 percent in 2014.
EDC posted a P9.2 billion recurring net income attributable to equity holders of the parent for 2014, 40 percent higher than the P6.6 billion posted in 2013.
"The record high performance primarily resulted from electricity sales from the start of commercial operations of its Bacman Plants following their rehabilitation. The timely commissioning of the Nasulo Geothermal Project also significantly contributed to the record high income," the company said.
Consolidated revenues rose 20 percent to P30.9 billion in 2014, with more than half of the increase (around P2.8 billion) attributed to BacMan.
EDC said the successful commissioning of both the Nasulo power plant and the Burgos Wind project also added revenues amounting to P700 million and P200 million, respectively, while P500 million in higher electricity sales was also reported for Mindanao.
"We are now realizing the benefits from investments made for the Bacman plant rehabilitation works, the 150.0 MW Burgos wind, and the 49.4MW Nasulo geothermal projects," EDC President and Chief Operating Officer Richard Tantoco said.
Bacman Unit 3 shuts down
Meanwhile, EDC said the unit 3 of the Bacman geothermal power plant complex is now being repaired, after it auto-tripped last Thursday.
In a disclosure to the stock exchange, EDC said the 20-MW Bacman Unit 3 auto-tripped at 07:37 a.m. on March 5. Initial indications pointed to a minor lube oil leak.
EDC said the inspection is now focused on possible effects to turbine and generator bearings and other components, as well as possible repairs in preparation to the restarting of the unit.
It noted that spare parts are available on site, while the partner-contractors have been contacted.
"The unit is expected to be back in service in time for the peak energy demand in the summer months. During the shutdown, BGI will take the opportunity to initiate planned facility upgrades," EDC said.