Geothermal power producer Energy Development Corp. said Wednesday it posted a 6.6-percent decline in net income in 2020 to P11.537 billion from P12.352 billion in 2019 on a 10-percent decline in revenues.
EDC said in a statement to Philippine Dealing & Exchange Corp. full-year revenues dropped 10.2 percent to P37.616 billion from P41.868 billion in 2019 on lower generation and prices at the Wholesale Electricity Spot Market.
“One of the major reasons is lower prices, particularly WESM. Volume-wise, I think we were also affected. The demand last year was lower system-wide due to the pandemic/lockdown,” said Erwin Avante, EDC vice president and head of corporate finance when sought for comment on the lower income this year.
EDC said it would continue to invest to ensure the reliability and performance of power projects this year. EDC said it is allocating capital expenditures of P16.98 billion this year, with 51 percent or P8.68 billion for acquisitions to support the operations and maintenance requirements of geothermal plants.
