ENERGY DEVELOPMENT CORPORATION (formerly PNOC Energy Dev't Corporation) (EDC) Profile

Energy Development Corporation (EDC) was incorporated and registered with theSecurities and Exchange Commission on March 5, 1976 to primarily engage in thebusiness of exploring, developing and operating geothermal energy projects in thePhilippines. It began commercial operations with the commissioning of its firststeamfield in 1983, and expanded to provide geothermal drilling and consultancyservices. EDC became a subsidiary of Red Vulcan Holdings Corporation on November 29,2007. The ultimate parent company of EDC is Prime Terracota.As of December 31, 2010, EDC operates twelve geothermal steamfields in fivegeothermal service contract areas where it is principally involved in the production ofgeothermal steam for sale to the National Power Corporation (NPC) pursuant to steamsales agreements. EDC is also involved in the generation and sale of electricity throughCompany-owned geothermal power plants to NPC and privately-owned distributionutilities, pursuant to power purchase agreements and electricity sales agreements,respectively. The Company is also into hydro power generation through its 60% equityinterest in FG Hydro which operates the Pantabangan and Masiway HydroelectricPower Plants. Lastly, the Company provides drilling equipment and rig personnel to theLihir Gold Limited.
http://www.energy.com.ph