Energy Development Corp., the country’s largest geothermal and wind energy company, plans to spend about P6.1 billion this year, the same level as last year.
“We’re looking at around P6.1 billion for this year. Around range-bound, around the same as the previous years. In the prior years, we had some growth projects… but since then, it’s all on existing operations,” EDC vice president for finance Erwin Avante said.
Avante said EDC would earmark the bulk of the capital expenditure, or over P1 billion, for geothermal drilling.
The company will also continue to invest in the reliability and resiliency of its power plants.
EDC recorded net income of P1.5 billion in the first three months of 2018, down 54 percent from P3.26 billion in 2017.
Consolidated recurring net income attributable to equity holders of the parent during the period stood at P1.81 billion, down 44 percent from P3.25 billion on year.
