December 08, 2014

EDC power plants unscathed by typhoon

Energy Development Corp (EDC, Buy) in a disclosure to the Exchange said that as of 12 noon yesterday, all of its geothermal steamfield facilities and power plants in Leyte and the Bicol region are intact based on visual inspection. The company said that the cooling towers, which in previous extreme weather events have been the most severely affected, are all intact.

The transformers have been energized, thereby confirming grid connections for all of EDC’s Unified Leyte and BacMan power plants. According to EDC, Unified Leyte is now already generating 54% of the pre-typhoon levels while Tongonan in Leyte and BacMan in Bicol are undergoing very thorough pre-operation checks for debris and others prior to return service.

Our take: Based on latest data from the Wholesale Electricity Spot Market, the Tongonan power plant in Leyte started offering at 10 pm yesterday for 51 MW while a unit of the BacMan power plant offered 54- MW from 8pm to 12 midnight. EDC’s disclosure should allay market concerns of any possible damages to its plants in the affected areas - WealthSec