Business World Online
Posted on March 03, 2013 09:35:26 PM
LOPEZ-LED Energy Development Corp. (EDC) has earmarked P32 billion for capital expenditures (capex) this year which will be used mainly for the firm’s 87-megawatt (MW) wind power project in Ilocos Norte, a senior company official told reporters late on Friday last week.
The 132-megawatt Pantabangan-Masiway plant in Nueva Ecija is shown in this undated official photograph of Energy Development Corp. -- www.energy.com.ph
“Our capex this year is P32 billion -- bulk of that will be for Burgos [wind project]. Last year, our capex was P22 billion,” Nestor H. Vasay, EDC senior vice-president and chief finance officer, said at The Peninsula Manila in Makati City.
“The rest will be spread out to other projects that we’re pursuing, including drilling of wells for our geothermal assets.”
Mr. Vasay said funds for capex will be “internally generated.”
He added that the company expects profit growth to be “steady” until 2017. “We expect that there’s going to be a steady growth in net income until 2016 to 2017,” he said. “Within the period, we will also start exploring our international sites and, domestically, there’s just so much that we can do.”
In September last year, the company announced it plans pursue geothermal exploration contracts in Chile, Indonesia, Peru and Kenya.
Last Friday, the company signed a deal with Denmark-based Vestas Wind Systems for the supply of wind turbines for its planned 87-MW Burgos wind farm in Ilocos Norte. The facility is scheduled to be commissioned next year.
One of the company’s main projects hit a snag last week, however. Last Friday, the company suspended operations of its 110-MW Bacon-Manito (BacMan) power plant -- which went commercial just last Feb. 5 -- citing “vibration issues” that damaged the second unit of the plant.
The BacMan power complex -- located in Bacon, Sorsogon and Manito, Albay -- consists of the BacMan I power plant with two 55-MW units, and BacMan II with a 20-MW unit.
According to its 2011 annual report, EDC operates the Tongonan, Southern Negros, BacMan, Mt. Apo and Northern Negros geothermal projects. It is also involved in hydro power through First Gen Hydro, which operates the 132-MW Pantabangan-Masiway plant in Nueva Ecija.
EDC grew its net income by 89% to P9.89 billion last year from P5.24 billion in 2011 on back of higher revenues of its subsidiaries.
Its shares shed 86 centavos or 11.35% to close at P6.72 apiece on Friday last week from P7.58 last Thursday. -- CAMCF source
“The rest will be spread out to other projects that we’re pursuing, including drilling of wells for our geothermal assets.”
Mr. Vasay said funds for capex will be “internally generated.”
He added that the company expects profit growth to be “steady” until 2017. “We expect that there’s going to be a steady growth in net income until 2016 to 2017,” he said. “Within the period, we will also start exploring our international sites and, domestically, there’s just so much that we can do.”
In September last year, the company announced it plans pursue geothermal exploration contracts in Chile, Indonesia, Peru and Kenya.
Last Friday, the company signed a deal with Denmark-based Vestas Wind Systems for the supply of wind turbines for its planned 87-MW Burgos wind farm in Ilocos Norte. The facility is scheduled to be commissioned next year.
One of the company’s main projects hit a snag last week, however. Last Friday, the company suspended operations of its 110-MW Bacon-Manito (BacMan) power plant -- which went commercial just last Feb. 5 -- citing “vibration issues” that damaged the second unit of the plant.
The BacMan power complex -- located in Bacon, Sorsogon and Manito, Albay -- consists of the BacMan I power plant with two 55-MW units, and BacMan II with a 20-MW unit.
According to its 2011 annual report, EDC operates the Tongonan, Southern Negros, BacMan, Mt. Apo and Northern Negros geothermal projects. It is also involved in hydro power through First Gen Hydro, which operates the 132-MW Pantabangan-Masiway plant in Nueva Ecija.
EDC grew its net income by 89% to P9.89 billion last year from P5.24 billion in 2011 on back of higher revenues of its subsidiaries.
Its shares shed 86 centavos or 11.35% to close at P6.72 apiece on Friday last week from P7.58 last Thursday. -- CAMCF source
No comments:
Post a Comment