Energy Development Corp. may have missed out on its target profit by 86 percent last year, but the renewable energy arm of the Lopezes is projected to increase earnings by over 41 percent at P6.3 billion. And that’s in spite of the continued operational delay of the Bacon-Manito (BacMan) power plants in Bicol, since analysts foresee better selling prices from the Visayas-based Palinpinon and Tongonan geothermal plants, plus lower operating costs due to lesser drilling activities.
Currently, BacMan’s Unit 1 plant with a 55-megawatt capacity is undergoing offshore repairs and will probably be operational by June at the latest. On the other hand, Unit 2 (with an equal capacity) is already running and accounts for almost half of Bacman’s contracted volume of 114 megawatts. Unit 2, however, will be up for repair, with September being targeted by EDC as deadline for Bacman to become fully operational.
Considering that the much-touted “Energy Summit” in Mindanao ended on a disappointing note for Mindanaoans with President Noynoy Aquinogiving a take-it-or-leave-it option with regard to higher energy rates, the continued operation of Bacman will be critical to the Visayas, given previous warnings of an impending power crisis.
The call for renewable and alternative sources of energy is mounting, and companies like EDC—considered a pioneer in geothermal energy in this country (whose chairman emeritus Oscar Lopez is really big on “green,” going all the way to Isabela just to personally turn over a nursery as part of reforestation efforts)—can contribute a lot in mitigating the power crisis.
***
photos, stories and related concerns, readers may e-mail to happyhourtoday2012@yahoo.com.
(Published in the Manila Standard Today newspaper on /2012/April/20) article source
No comments:
Post a Comment