EDC PR 2016 (FS section)

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Financial Statement EBWPC will operate and maintain the wind farm under a ten-year operations and maintenance agreement with Vestas. The Vestas O&M contract is a service and energy-based availability agreement based on Vestas’ Active Output Management 5000 product. The agreement is a full-scope maintenance contract covering both scheduled and unscheduled maintenance with an energy-based availability on the wind turbines. The agreement covers the wind turbines, wind farm electrical balance-of-plant systems, the wind turbine yaw back-up generators and the Burgos Substation as opposed to a traditional O&M contract that provides a guarantee that the turbines in a wind power plant are operational for a defined period of time on an annual basis (referred to as time-based availability), the AOM 5000 model provides an energy-based guarantee, which encourages the contractor to ensure that the turbines are fully-operational when the wind is blowing. 40. Renewable Energy Payment Agreement Under Section 2.2 of the ERC Resolution No. 24, Series of 2013, A Resolution Adopting the Guidelines on the Collection of the FIT Allowance (FIT-All) and the Disbursement of the FIT-All Fund (the FIT-All Guidelines), all eligible renewable energy (RE) plant shall enter into a Renewable Energy Payment Agreement (REPA) with the TransCo for the payment of the FIT. Pursuant to the FIT-All Guidelines, EBWPC entered into a REPA with TransCo for its Burgos Wind Power Plants. The REPA became effective after all the documents enumerated in Section 3.1 of the REPA have been submitted to and certified complete by TransCo. Included in those required documents is the FIT COC issued by the ERC on April 13, 2015. Similarly, on April 24, 2015, the Parent Company entered into a REPA for its 4.16-MW Solar Power Plants with TransCo. In accordance with the REPA, all actual RE generation from the commercial operations date (COD) until the effective date of the REPA (effective date) were billed to and collected from the Philippine Electricity Market Corporation (PEMC) at market price. After the effective date, billings for all actual RE generation have been submitted directly to and collected from the TransCo at the applicable FIT rate as approved by the ERC. In addition, the actual FIT differential from the COD until the effective date was also billed to TransCo over the number of months which lapsed during that period. Total revenue from TransCo recognized in 2016 and 2015 under the REPAs amounted to ₱2,817.4 million and ₱2,124.0 million, respectively. Total revenue from PEMC recognized in 2016 and 2015 from Burgos Wind and Solar Power Plants amounted to ₱4.7 million and ₱279.6 million, respectively. 293
41. ULGEI Power Supply Agreements As of December 31, 2016, ULGEI’s outstanding PSAs are as follows: Customers Contract Start Contract Expiration Bohol Light Company, Inc. (BLCI) August 26, 2015 August 25, 2021 Camarines Sur IV Electric Cooperative Inc. (CASURECO IV) August 26, 2015 December 25, 2025 Bohol II Electric Cooperative, Inc. April 24, 2016 December 25, 2018 The total revenue from the sale of electricity under PSA’s amounted to ₱826.2 million, ₱409.6 million and nil in 2016, 2015 and 2014. 42. Events After the Financial Reporting Date In January 2017, SEC has approved the incorporation of the following subsidiaries of EDC: 1. EDC Wind Energy Holdings 2 Inc. 2. Calaca Renewable Energy Corporation 3. Burgos 3 Renewable Energy Corporation 4. Burgos 4 Renewable Energy Corporation On February 27, 2017, EBSPC entered into SESC 2016-11-352 with the DOE with a 25 year contract period expiring on 2042. On February 28, 2017, the Company declared cash dividends amounting to ₱0.0008 per share on the preferred shares in favor of preferred stockholders and a cash dividend of ₱0.14 per share on the common shares in favor of common stockholders both of record as of March 20, 2017, payable on or before April 12, 2017. 294 I Energy Development Corporation Performance Report 2016
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2016 Audited Consolidated Financial
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Compliance • We have monitored th
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156 I Energy Development Corporatio
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We have fulfilled the responsibilit
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Those charged with governance are r
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ENERGY DEVELOPMENT CORPORATION (A S
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Preferred Stock (Note 19) Common St
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Years Ended December 31 2016 2015 2
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Southern Negros, Valencia, Negros O
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EDC Drillco EDC Drillco is a compan
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Geotermica Chile SPA also incorpora
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Authorization for Issuance of the C
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These amendments are applied prospe
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Applicability of IFRIC 12, Service
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In August 2013, EDC Geotermica SpA
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Fair Value Measurement of Financial
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In 2011, EDC recognized full impair
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The factors that the Company consid
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Recognition of Deferred Income Tax
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Current versus Non-current Classifi
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In 2015, the functional currency of
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Construction in progress represents
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would have been determined, net of
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Classified under loans and receivab
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Derivative financial instruments ar
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the allowance account. Any subseque
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maturity or expected disposal date
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has expired, as well as the Parent
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Proceeds from Insurance Claims Proc
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Future Changes in Accounting Polici
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The Company is currently assessing
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oader review of the research projec
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LGBU NIGBU BGBU MAGBU Pantabangan/
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7. Trade and Other Receivables 2016
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The movements of the net accumulate
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12. Property, Plant and Equipment L
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Total borrowing costs capitalized t
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Bac-Man 3 Engineering Procurement a
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13. Goodwill and Intangible Assets
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Carrying amount of exploration and
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2015 Long term receivables Input VA
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The long-term debts are presented n
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The Parent Company capitalized in i
Page 91 and 92: ₱8.5 billion GCGI Term Loan On Ma
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Page 105 and 106: The following tables summarize the
Page 107 and 108: The Company expects to contribute
Page 109 and 110: Beginning of Year Charged to Income
Page 111 and 112: f. g. h. i. j. k. On June 29, 2011,
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Page 117 and 118: US$ Japanese yen (JP¥) Sweden kron
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Page 121 and 122: The following tables demonstrate th
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Page 127 and 128: The table below shows the derivativ
Page 129 and 130: Pertinent details of the IRS are as
Page 131 and 132: The Company monitors capital using
Page 133 and 134: Legal Claims The Company is conting
Page 135 and 136: EDC also holds geothermal resource
Page 137 and 138: As of December 31, 2016, the Compan
Page 139 and 140: As of December 31, 2016, the Compan
Page 141: Ancillary Services Procurement Agre
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EDC PR 2016 (FS section)

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