EDC net income up by 20%
ENERGY Development Corp. (EDC) registered an attributable net income of P10.98 billion last year, higher by 20.4% than the P9.12 billion recorded a year earlier, primarily due to its revenue growth.
In a disclosure to the bond exchange, EDC reported a 14.9% increase in revenues to P48.70 billion from P42.37 billion previously.
Revenues from its combined bilateral power supply contracts and Wholesale Electricity Spot Market (WESM) sales reached P48.36 billion, up by 16.9% from P41.38 billion in 2021.
EDC, the renewable energy arm of Lopez-led First Gen Corp., said electricity sales in 2022 decreased by 2.8% to 8,770.6 gigawatt-hours (GWh) from 9,027.1 GWh in 2021.
In 2022, EDC also announced that it had invested a total of P143 million in its corporate social responsibility projects focusing on education and the environment.
EDC, a diversified renewable energy company, said it remains committed to forging collaborative ways to help attain its decarbonization and net-zero targets.
On its website, EDC said that it has an installed renewable energy capacity of 1,476.59 megawatts (MW). It also said geothermal energy is the company’s major power source with an installed capacity of 1,181.8 MW or 61.3% of the country’s total. — Ashley Erika O. Jose
