EDC cuts spending to recover loss due to typhoon impact
Tongonan, Leyte Geothermal power plant, Philippines
Alexander Richter
17 Dec 2013
Energy Development Corp. (EDC) is cutting corporate costs to cope with losses due to damages to its geothermal facilities on Leyte after the super typhoon Yolanda hit Leyte in the Philippines.
In the Philippines, Energy Development Corp. (EDC) is still figuring out how to cope with losses while trying to restore the plants shut down after super Typhoon hit Leyte 37 days ago. EDC operates 701 MW of power generation on Leyte.
As now reported, “EDC has yet to confirm or deny that it lost at least P 300 million ($6.8 million) in revenues weekly after Yolanda struck its plants in Leyte on November 8. Their counterparts running the geothermal plants in Valencia and Kidapawan City rushed more than 25, 000 relief packages shipped in four batches as its initial response to the crisis.
To hasten the rehabilitation works, all of EDC’s geothermal business units including their employees across the country have been told to adopt austerity measures so that the savings and resources can be funneled for the prompt recovery of the damaged plants.
Hence, the traditional Christmas parties were scrapped and replaced by simple get-together; office supplies have been drastically reduced to the barest minimum; their outreach projects for their host communities have been suspended or scaled down and even snacks during company meetings have been discouraged.
Nevertheless, the EDC family has been willing and pleased to cooperate given the gravity of the crisis. Already, Leyte’s rehabilitated plants have so far produced more than 150 MW since the calamity.”
Source: The Negros Chronicle
