Energy Development Corporation

History

The Energy Development Corporation (EDC) used to be a subsidiary of the state-owned Philippine National Oil Company (PNOC) established under Presidential Decree (PD) No. 334 on November 9, 1973 issued by President Ferdinand Marcos. EDC itself was established via PD No. 927 in 1976 to as the geothermal energy exploration and development arm of PNOC. It was established as a response to the oil embargo by the OPEC member-states following the Yom Kippur War.

The EDC commissioned the Tongonan and Palinpinon Geothermal Plants in 1983. In the 1990s, EDC commissioned the BacMan Geothermal Power Plant.

The privitazation of EDC began in the mid-2000s. In late 2006, the company had its initial public offering and was listed in the Philippine Stock Exchange. The First Philippine Holdings Corporation of the Lopez Group took over in 2007.

The privatized-EDC acquired the properties it developed from the national government. This includes the Tongonan and Palinpinon geothermal stations in 2009, and the BacMan station 2010. The BacMan Plant which was shut down in 2009 became fully operational again by 2014.

In 2012, EDC was granted Newen, a geothermal concession area in Chile, marking its expansion overseas.

Affiliates

• First Gen Hydro Power Corp.

• Green Core Geothermal, Inc.

Powerplants

• Tongonan Geothermal Powerplant (operated by Green Core)
• Palinpinon Geothermal Powerplant (operated by Green Core)
• Pantabangan Hydroelectric Powerplant - 120 MW (operated by First Gen)
• Masiway Hydroelectric Powerplant - 12.5 MW (operated by First Gen)
• BacMan Geothermal Production Field (operated by EDC)
• Malitbog Geothermal Power Station
• Burgos Wind Farm
• Mount Apo Geothermal Power Plant

References

References

1. (2005). "Notes to Consolidated Financial Statements". Philippine National Oil Company.
2. "EDC marks 30 years of geothermal plant operation in Valencia". The Philippine Star.
3. (8 April 2013). "BacMan’s 55-MW facility resumes operations". Philippine Daily Inquirer.
4. "EDC unit completes purchase of Bacman geothermal complex". The Philippine Star.
5. (4 December 2006). "PNOC-EDC sets IPO price at P3.20". The Philippine Star.
6. (17 September 2005). "NG decides to push back privatization of PNOC-EDC". The Philippine Star.
7. (22 November 2007). "PNOC-EDC goes to First Gen". GMA News.
8. (26 October 2009). "EDC takes over Tongonan, Palinpinon geothermal plants". The Philippine Star.
9. (26 February 2013). "EDC starts commercial operations of BacMan plants". GMA News.
10. (22 November 2014). "BacMan geothermal facility now completely operational". The Philippine Star.
11. (25 January 2012). "Lopez affiliate EDC gets geothermal concession area in Chile". Philippine Daily Inquirer.
12. Calderon, Justin. (May 25, 2013). "Philippines expands wind, geothermal". Inside Investor.
13. (1997). "Mt. Apo Geothermal Project: A Learning Experience in Sustainable Development".
14. (2 June 2019). "Mt. Apo’s Manobo tribe gets royalty from power plants’ operation". Philippine Daily Inquirer.