EDC eyes add’l P600-million revenues from geothermal plants

by Myrna Velasco – June 13, 2016

from Manila Bulletin

Ormoc, Leyte – Lopez-owned Energy Development Corporation (EDC) is expecting to fetch additional revenues of P600 million next year with the optimized capacity of its geothermal power plants.

In an interview with reporters, EDC President and Chief Operating Officer  Richard B. Tantoco has indicated that an additional 50 megawatts will be added to their capacity by 2017 upon completion of the re-design and re-engineering of its three power plants.

He said there would be a 20-megawatt additional capacity for its Tongonan plant, upgraded from 120 megawatts to 140MW.

The Lopez firm’s 192.5MW Palinpinon plant will have its capacity beefed up by 10MW; while its 49MW Nasulo plant’s capacity will be shored up by 20MW.

“Completion is first quarter and second quarter of next year with additional output. Then Palinpinon will follow,” Tantoco said.

He explained that the re-engineering and re-design of their geothermal plants would boost their overall capacity, which they can then sell to off-takers. In turn, it will prop the company’s top and bottom line figures.

“We should see the additional kilowatt hours becoming available,” Tantoco stressed, reiterating that the extent of additional revenues they would be able to rake in would be at P600 million.

As the optimized plants would just contribute partly next year, they anticipate that full impact would really come by 2018.

Tantoco cited as example the recently completed optimization of the Bacon-Manito plant, which he said has already been contributing positively to their financial performance.

He added “the facilities that were longest to install have been the cooling towers which we completely re-designed and re-engineered. And on top of that, we have 100-percent spares.”