Energy Development Corporation

Energy Development Corporation (EDC), the country's premiere geothermal company is an affiliate of First Gen Corporation. To date, First Gen has an effective 40% economic interest in EDC.

EDC is the Philippines’ biggest producer of geothermal energy and is mainly responsible for the country’s being the second largest producer of geothermal energy in the world. It is primarily engaged in the exploration, development, and optimization of geothermal steamfields and power generation. EDC’s installed power generation capacity is approximately 1,049 MW, and its installed steam generation capacity is approximately 1,199 MW.

EDC currently operates seven geothermal steamfields in five contract areas where it has exclusive rights to geothermal exploration, development, and utilization through Geothermal Service Contracts (GSCs) with the Philippine Government through the Department of Energy.

With the implementation of the RE Law, five of EDC's GSCs were converted into Geothermal Renewable Energy Service Contracts (GRESCs) on October 23, 2009. EDC’s geothermal contract areas include the Leyte Geothermal Production Field, Southern Negros Geothermal Production Field, Bacman Geothermal Production Field in Luzon, Mindanao Geothermal Production Field, and Northern Negros Geothermal Production Field.

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 company 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 later renamed Energy Development Corporation or EDC.

For more information on the geothermal company, please visit http://www.energy.com.ph.