EDC sees higher 2025 profit from power projects

RENEWABLE ENERGY (RE) developer Energy Development Corp. (EDC) is optimistic that it will end the year with a higher bottom line as it begins to reap the benefits of its investments in various power projects, its president said.

- By Sheldeen Joy Talavera

"Usually, you don't give forecast, but definitely, I'm optimistic that it's going to be higher than last year's P9 billion," EDC President and Chief Operating Officer Jerome H. Cainglet said in an interview with BusinessWorld.

For 2024, the company saw its net income decline by 35% to P9.19 billion due to higher recurring operating expenses, lower revenue, and higher financial expenses.

The company is currently focusing on the output of its drilling activities, with 83 megawatts (MW) of geothermal power projects and an additional 40-megawatt-hour capacity of batteries slated for commercial operations this year.

"So, we have more kilowatt-hours to celebrate next year. We're also looking at investing more in battery storage and getting things going with our greenfield projects like the Amacan project," he said.

The company is pursuing its first exploration drilling campaign for the Amacan growth project in Mindanao.

EDC, the renewable energy arm of Lopez-led First Gen Corp., has an installed capacity of 1,480.19 MW, representing around 20% of the country's total installed renewable energy capacity.