Corporate News

Another damaged geothermal unit in Leyte revived

Posted on March 12, 2014

ANOTHER 60-megawatt (MW) geothermal power plant unit in Leyte that was damaged by super-typhoon Yolanda (international name: Haiyan) in November last year is now back online, Lopez-led Energy Development Corp. (EDC) said in a disclosure yesterday.

“EDC has energized another unit of the Mahanagdong Power Plant,” the listed energy resource developer said in its disclosure, adding that the unit “remains subject to close monitoring and/or additional tests.”

The first 60-MW unit of the 180-MW Mahanagdong plant was restored on Feb. 18.

These power plants form part of EDC’s Unified Leyte geothermal power complex -- which straddles Ormoc City and municipality of Kananga -- which sustained heavy damaged due to the typhoon.

Other plants of the complex are the 125-MW Upper Mahiao plant, 232.5-MW Malitbog plant, and 51-MW Leyte optimization facilities.

All units of the Malitbog plant had already been restored as of February. In November last year, parts of the Upper Mahiao and optimization plants were also restored.

Besides the plants within the Unified Leyte complex, another damaged plant -- EDC’s 112.5-MW Tongonan plant -- was also restored last month.

Yolanda scoured central Philippines on Nov. 8 last year, killing more than 6,000 people and causing more than P39.821 billion worth of damage to agriculture and infrastructure.

EDC President and Chief Operating Officer Richard B. Tantoco had said in January that all the geothermal power plants were expected to be back up and running by August.

EDC is the largest producer of geothermal energy in the Philippines. It operates 12 power facilities in five geothermal service contract areas in the country.

The company, through First Gen Hydro Power Corp., also operates the 132-MW Pantabangan-Masiway hydro power plant in Nueva Ecija.

It is also building the 87-MW Burgos wind power project in Ilocos Norte, which is expected to be operational this year.

Profit of EDC fell 46% to P4.7 billion last year from P8.7 billion in 2012 mainly due to foreign exchange losses of about P2 billion, as well as the P600 million worth of damage caused by the typhoon.

Revenues slipped 10% to P25.7 billion from P28.4 billion amid lower contribution from its power plants.

Shares of EDC gained 16 centavos or 2.90% to close at P5.68 apiece yesterday from P5.52 apiece on Monday. -- Claire-Ann Marie C. Feliciano