Energy Development Corporation
Energy Development Corporation (EDC), the world’s largest integrated geothermal company, is an affiliate of First Gen Corporation. To date, First Gen has an effective 49 per cent economic interest in EDC.
EDC is primarily engaged in the exploration, development, operation and optimization of geothermal steamfields and power generation. EDC currently has an installed capacity of 1,129.4 MW.
EDC currently operates seven geothermal steamfields in five contract areas where it has exclusive rights to geothermal exploration, development, and utilization through Geothermal Renewable Energy Service Contracts with the Philippine Government's Department of Energy.
EDC's 11 power stations are in Leyte, Bicol, Southern Negros, and North Cotabato. EDC likewise holds a direct 60 per cent stake in FG Hydro, the oprating entity of the 132-MW Pantabangan-Masiway hydroelectric power plants in Nueva Ecija.
EDC is listed in the Philippine Stock Exchange; its initial public offering was held in December 2006.
Prior to November 2007, EDC was a government-owned and -controlled corporation, known as Philippine National Oil Company-Energy Development Corporation (PNOC-EDC). After First Gen’s acquisition of a controlling stake in the geothermal company, through its subsidiary -- Red Vulcan Holdings Corporation -- PNOC-EDC was renamed Energy Development Corporation or EDC.
For more information on the geothermal company, please visit http://www.energy.com.ph.