EDC maintains capital expenditure plans amid challenges brought by pandemic
The Philippines' Energy Development Corp. (EDC) has announced it will stick to capital expenditure plans for next year despite challenges faced through the pandemic. The company plans expenditure of US$144 to 165 million for geothermal investment.
During its recent annual meeting, geothermal energy company Energy Development Corp. (EDC) has announced it is maintaining capital expenditure (capex) plans of about P7 billion to 8 billion (between $144 and 165 million) for next year amid the challenges brought about by the pandemic.
“For EDC, the intention is to maintain capital expenditures as planned at [more or less] P7 billion to P8 billion annually in 2020 and 2021,” officials said during the company’s annual meeting.
The pandemic, however, has brought challenges in the company’s ability to execute various projects given various levels of quarantine across its sites, executives said. These projects are heavily dependent on foreign materials and services which were adversely affected during the lockdown measures against Covid-19, executives said.
“We have a plan in place to recover and to ramp up activities quickly once delivery of materials and mobilization of manpower can resume,” the company said.
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Source: Business Mirror