The Energy Development Corporation’s net income for 2014 went up by 40 percent to P9.2 billion from its 2013 gains of P6.6 billion, mostly earned from power sold by its three major power plants.

"We are now realizing the benefits from investments made for the Bacman plant rehabilitation works, the 150-megawatt Burgos wind and 49.4-MW Nasulo geothermal projects," EDC president and Chief Operating Officer Richard Tantoco said in a statement he issued.

EDC noted that Bacman plant boosted the consolidated revenues by more than half, contributing P2.8 billion.

The 49.4-MW Nasulo Power Plant and the 150-MW Burgos Wind Project added P0.7 billion and P0.2 billion in revenues, respectively.

EDC’s consolidated revenues amounted to P30.9 billion in 2014, a hike of 20 percent from 2013’s P25.7 billion.

The Lopez-led company also registered growth in its electricity sales in Mindanao by P0.5 billion due to the lack of power outages in the island.

Its consolidated net income attributable to equity holders of the parent company also increased by 149 percent to P11.7 billion compared to 2013’s P4.7 billion.

EDC said it was mainly due to the P5.2-billion boost in revenue and its P1.9-billion net recovery on the impairment for the Northern Negros Power Plant.

It also reported the completion of the restoration of the typhoon "Yolanda"-damaged plants in Leyte.

Tantoco said EDC aims to implement engineering solutions to prevent similar damages on its geothermal power plant’s cooling towers.

EDC is one of the world’s largest geothermal energy companies, with its investments in other countries such as Peru, Chile and Indonesia.

Its local plants include the Bacman Geothermal Production Field, Mindanao Geothermal Production Field, Northern Negros Geothermal Production Field, Southern Negros Geothermal Production Field and the Leyte Geothermal Production Field.*PNA

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