Quantcast
Latest Stories

EDC shuts down BacMan unit for maintenance



MANILA, Philippines—Lopez-led Energy Development Corp. (EDC) said Unit 1 of its BacMan geothermal power plant would be on maintenance shutdown for at least 12 days this month.

In a disclosure to the Philippine Stock Exchange, EDC advised that BacMan Unit 1 was shut down on Sept. 12 for an inspection of the steam turbine and other opportunity maintenance works.

Based on the findings of such inspection, EDC management will decide whether or not further restrictions to the future operation of Unit 1 are necessary,” investor relations manager Erudito S. Recio said in the disclosure.

In a separate disclosure, EDC said it would pay cash dividends to shareholders.

EDC said its board of directors, in a meeting on Sept. 10, approved the declaration of a special cash dividend of P0.08 per share on the common shares “in favor of common shareholders of record as of Sept. 25.”

The dividends are payable on or before Oct. 21, 2013.

The rehabilitation of BacMan dragged the earnings of EDC’s parent firm, First Gen Corp., whose consolidated revenue slid by 4.2 percent to $984.6 million in the first half of 2013 from $1.028 billion in the same period in 2012. EDC’s geothermal sales accounted for $290.9 million, or 29.5 percent of the total consolidated revenue. First Gas Plants accounted for $656 million, or 66.6 percent, and FG Hydro accounted for $37.2 million, or 3.8 percent, of the total consolidated revenue.

For the first half of 2013, First Gen’s net income attributable to equity holders of the parent reached $77.7 million, or 17.4 percent lower than the $94 million registered in the same period of 2012.—Riza T. Olchondra


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: BacMan power plant , Energy , Geothermal , maintenance shutdown

  • Oscuro

    ah…..though MERALCO is no longer LOPEZ owned…though I’m sure they retained a considerable sum in stock or stocks in companies that own stocks in MERALCO. They nonetheless still exert massive control on our energy production. In fact they own a large portion of that.

    So essentially this company still contributes to the retardation of our economy due to high electricity costs. Stories like maintenance issues is only a ploy to increase costs further by creating false power deficiency.

    Geez…..when are we going to open up the power generation market to outside investors?



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • US teacher fired over comment on black president
  • Magnitude-7.5 earthquake shakes Mexican capital
  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Filipinos, Dutch re-enact crucifixion of Christ
  • 14 killed in car bombing in Homs
  • Sports

  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Marketplace