MANILA, Philippines - Lopez-led geothermal power producer Energy Development Corp. (EDC) has successfully completed its reliability runs and is delivering electricity into the grid, the company said in a disclosure to the Philippine Stock Exchange (PSE) yesterday.
However, the unit remains subject to close monitoring and additional tests.
New equipment for the units will be delivered in the latter part of the year and in 2015.
“The targeted delivery dates of the brand-new turbine rotor and diaphragms from Toshiba for both Bacon-Manito (BacMan) Units 1 and 2 remain to be - the first unit by fourth quarter of 2014, while the second unit on first quarter 2015,†EDC said in its disclosure.
The BacMan plant is located in the towns of Bacon, Sorsogon and Manito, Albay.
The facility’s Unit 1 went offline last year while Unit 2 was shut down because of damage to the turbine blade. EDC has suspended the operation of Unit 1.
Last year, EDC’s consolidated revenues stood at P26.65 billion, 9.6 percent lower than P28.36 billion in 2012.
Similarly, recurring net income decreased 27 percent to P7.45 billion from P10.24 billion in 2012, data from the company showed.
EDC, which was privatized in 2007, remains the country’s biggest geothermal energy producer, accounting for 62 percent of the country’s total installed geothermal capacity.