By Danessa Rivera (The
Philippine Star) | Updated March 2, 2017 - 12:00am
MANILA, Philippines - Lopez-led
Energy Development Corp. (EDC) grew its earnings over a fifth in 2016 due to
improved sales of its wind and hydropower assets coupled with lower operating
expenses from its power plants.
EDC said its net income rose 24
percent from P7.86 billion in 2015 to P9.72 billion last year.
Meanwhile, core net income increased
four percent from P8.8 billion to P9.2 billion “on top of improved performance
and lower operating expenses of the Negros Island and First Gen Hydro business
units,” the firm said.
Revenues for the year amounted to
P34.2 billion, a slight decrease of P0.1 billion from the previous year, as
depressed spot market prices for the Bacman and Nasulo geothermal plants’
uncontracted capacity offset gains in overall sales volume.
“The Bacman and Nasulo geothermal
plants were among the most exposed to last year’s record-low electricity spot
market prices. A reported 25 pecent average drop in prices for these plants
resulted in a revenue loss of over P1.4 billion full-year,” EDC chief financial
officer Nestor Vasay stated.
“However, EDC has moved quickly to
address and manage the downside from potentially low spot market prices,” he
said.
As of December 2016, EDC has lined
up contracts that will cover 100 percent of Bacman’s capacity and almost 80
percent of Nasulo’s.
EDC’s 150-megawatt (MW) Burgos wind
farm, the largest in the country, continued to build on its 2015 performance.
Revenues increased almost P0.4 billion as annual wind energy generation
increased 60 gigawatt-hours from 260 to 320 gwh in 2015 and 2016, respectively.
EDC’s hydro unit also posted a 21
percent increase in annual revenues, primarily driven by higher sales volume.
No comments:
Post a Comment