By Alena Mae S. Flores Posted on Dec. 03, 2012 at 12:02am
Listed Energy Development Corp., an affiliate of First Gen Corp., is pushing through with a $323-million, 86-megawatt wind power project in Ilocos Norte, papers submitted to the Energy Department show.
“Negotiations with prospective EPC [engineering, procurement and construction] contractors and for financing are ongoing to achieve a 2015 project commissioning,” Energy Development said in a project status.
The Burgos wind project will cover some 618 hectares in Burgos, Ilocos Norte.
The project has been delayed from its original construction date early this year due to the late release of the feed-in tariff rules, which provide the guaranteed cost of electricity for every renewable energy source.
“Investments in non-traditional renewable energy [wind, run-off river hydro, solar] have slowed down due to the delayed implementation of the feed-in tariff,” the company said,
Energy Development said the Energy Regulatory Commission approved an P8.53 per kWh tariff for wind energy projects.
The company earlier surrendered to the Energy Department three service contracts due to lack of wind resource.
The company gave back the Taytay, Dinagat and Siargao contract areas and retained Burgos, Pagudpud and Camiguin.
Energy Development posted a consolidated reported net income of P8.57 billion in the first nine months of 2012, reversing a P488-million net loss year-on-year.
Recurring or core net income reached P7.77 billion for the nine-month period, up 95 percent from P3.967 billion on year.
Energy Development president and chief operating officer Richard Tantoco said the company posted a recurring net income of P6.311 billion attributable to equity holders of parent company in the same nine-month period from P3.784 billion a year ago.
The company is nearing its full-year recurring net income attributable to equity shareholders guidance of P6.7 billion to P7 billion for the full of 2012, which analysts earlier forecast.
“Reported consolidated net income for nine months is P8.6 billion but we and analysts often refer more to core income attributable to equity shareholders of the parent [net of minority interest and non-recurring items like forex], which is P6.3 billion for the same period,” Tantoco said.
The company attributed the higher nine-month revenue mainly to the higher sales of subsidiaries, namely Green Core Geothermal Inc. and First Gen Hydro Power Corp.
Energy Development is engaged in the exploration, development and optimization of geothermal fields and power plants with an aggregate capacity of 1,130 MW. It has obtained geothermal concessions in Chile and Peru. source
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