Sign up | Log in



Home  >>   Daily News  >>Philippines_news>>Power >>EDC sets P14-B 2016 capex
NEWS UPDATES Asean Affairs   15  March  2016  

EDC sets P14-B 2016 capex

PHILIPPINES: Lopez-led Energy Development Corp. (EDC) is allotting up to P14 billion in capital expenditures (capex) this year to improve the reliability of its existing power plants, and expand its portfolio in renewable energy.

On top of EDC’s capex, the company is also planning to raise as much as P5 billion through loans at the latter part of this year.

Nestor Vasay, EDC chief financial office told reporters that the company set a higher capex this year, as bulk of which will go to the refurbishment of its existing plants like the Tongonan Geothermal Plant.

The company had claimed recently that its 2015 revenues fell short of target primarily due to reliability issues at the Tongonan Geothermal Plant.

“Right now, the focus really is in Tongonon because last year, it costs us about P700 million in foregone revenues when it went down last year for six months so we want to put investments on that to boost its reliability,” Richard Tantoco, EDC president and chief operating officer told reporters.

For that alone, Tantoco said EDC would be investing around P4.3 billion and the refurbishment would take about almost half a year to finish.

Nevertheless, he made sure that while the company does that, it also will not stop with its existing expansion plan.

“What we’re doing on the expansion projects, whether it’s overseas or solar, wind, or geothermal, regardless of what we are looking at… we are not stopping but we won’t really spend on drilling right now,” he said.

Tantoco also said that internally, the company has P18 billion in cash so there is no need for an immediate fundraising.

But then, he also mentioned that at the latter part of the year, EDC may raise as much as P5 billion through loans.

“We also have a major refinancing planned at the later part of this year, which is close to P5 billion and that would be around this year, most probably at the second half of the year,” Tantoco said, adding that the deal would only involve local banks.

Last year, the company spent capex of about P12 billion.

The income of EDC fell 35 percent in 2015 due to absence of a one-time gain and foreign exchange losses, outshining the higher energy sales it recorded in the prior year.

A disclosure filed with the Philippine Stock Exchange last week showed that inclusive of non-recurring items, EDC’s consolidated net income attributable to equity holders of the Parent stood at P7.6 billion, 35 percent lower than the P11.7 billion the company had in 2014.

“The decrease was primarily driven by the absence in 2015 of a P2.1 billion impairment reversal recorded in 2014 for the Northern Negros power plant and higher foreign exchange losses of P1.3 billion in 2015 brought about by the depreciation of the peso against the US dollar,” EDC told the local bourse.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                           March 15, 2016 Subsribe Now !
• Deputy minister urges wider use of IT in business, state offices Subcribe: Asean Affairs Global Magazine

• French apparel-maker to invest in RI 
• EDC sets P14-B 2016 capex
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Market sees large IPOs in March
State budget may be used in massive port project
Asean Analysis                   March 4, 2016
• Asean Analysis March 4, 2016
Aung San Suu Kyi Is Key to Further Unlocking of U.S. Sanctions against Myanmar
Advertise Your Brand

Asean Stock Watch  March 14, 2016
• Asean Stock Watch-March 14, 2016
The Biweekly Update
• The Biweekly Update March 4, 2016

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand