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EDC reports higher electricity sales from Bacman and Nasulo geothermal plants

EDC reports higher electricity sales from Bacman and Nasulo geothermal plants Bacon-Manito geothermal power plant, Philippines (source: First Gen Corp.)
Alexander Richter 15 May 2015

EDC's Bacman Geothermal Plants and the newly commissioned Nasulo Geothermal Project are boosting the firm's income.

Filipino Energy Development Corporation (EDC) reported a consolidated recurring net income attributable to equity holder’s of the Parent of Php2.5 billion for the first three months of 2015, 14% higher than the Php2.2 billion posted during the same period last year. The increase is largely due to higher energy sales coming from the Bacman Plants and the newly commissioned Nasulo Geothermal Project.

Consolidated revenues amounted to Php8.5 billion, up by Php1.4 billion, or 20%, from the Php7.1 billion recorded during the same period in 2014. The improvement was principally driven by higher revenue contribution of Php0.5 billion from the operations of Bacman’s Unit 1, 2 and 3 power plants.

“The first quarter results meet our expectations.” EDC President and Chief Operating Officer Richard Tantoco said.

“Q1’s reported operating expenses, when annualized, are expected to be on the lower end of FY estimates. The pace of activities in our different project locations normally accelerate starting the second quarter, together with a corresponding rise in expenditure levels.” Mr. Tantoco added.

Source: Press Release by EDC