EDC expects to start commercial operation at Bacman in 2013
Philippine Energy Development Corp. (EDC) expects start of commercial operation at its Bacman plant in 2013, with repaired generators for unit 1 and 2 from Alstom to arrive on site in September 2012 and the unit 3 generator to be installed by November 2012.
In recent reports on financial results, Philippine Energy Development Corp. reported a financial turnaround for the first half of 2012.
Reversing a P2.3 billion net loss ($54 million), the company reported a net income of P5.7 billion ($135 million). Electricity sales increased by 32 percent to P15 billion ($355 million).
There are hydro power plants, but also the 305 MW Tongonan and Palinpinon geothermal plants that remain the major income drivers for the company.
As part of the release the company also announced that the work on the Bacman geothermal power plant complex “is expected to complete commissioning and reliability runs within this year.” The company plans to start commercial operation in 2013.
The repair works on the generator rotors of Units 1 and 2 are nearing completion in Alstom’s workshop in Stafford, England, and are expected to be on site by September 2012.
The 20 MW Unit 3 generator is undergoing repair and testing works in the Philippines and is expected to be commissioned by November 2012.
“The logic for our Bacman acquisition has remained unchanged. Once operational, the Bacman Project will generate strong returns and cash flows from a vertically integrated operation as proven by the improvement in EBITDA from our Palinpinon and Tongonan projects,” EDC president Richard Tantoco said.
EDC remains the largest producer of geothermal energy in the Philippines accounting for 62 percent of the total country installed geothermal capacity. It has also obtained geothermal concessions in Chile and Peru.”
Source: Manila Bulletin