2014 Financial Statement

EDC 2014 Performance Report
ULGPPs, which is the capacity in excess of the 240MW allotted for the Strips of Energy. The
bidding was conducted by the PSALM on November 7, 2013, one day before Super Typhoon
Yolanda made landfall and severely affected the facilities of EDC, the National Grid
Corporation and various distribution utilities in Central Visayas. Consequently, ULGEI has
written PSALM that it cannot accept the award of the winning bids as the physical and
economic conditions underlying the bidding process and the IPPA Administration Agreements
required to be executed pursuant thereto have been dramatically altered by the severe and
widespread destruction caused by Super Typhoon Yolanda in the Eastern and Western Visayas
regions.
In February 2014, PSALM has written ULGEI informing of the following:
1.)
2.)
ULGEI has been selected as the Winning Bidder for Forty (40) MW Strips of Energy of
the ULGPP at the bidded rate/price; and
PSALM accepts ULGEI’s decision not to accept the award as Winning Bidder for the
Bulk Energy of the ULGPP, subject to subsequent determination/evaluation of the
forfeiture of ULGEI’s Bid Security and ULGEI’s qualification to participate further in the
rebidding process for said Bulk Energy.
In December 2014, the IPPA Contract for the strips of energy was turned over to ULGEI.
ULGEI recognized revenue amounting to ₱ 8.3 million.
EHIL and EDC HKL
EHIL was incorporated on August 17, 2011 in British Virgin Islands and serves as an investment
holding company of EDC’s international subsidiaries. EHIL owns 100% interest in EDC HKL, a
company incorporated on November 22, 2011 in Hong Kong. The following entities are the
subsidiaries under EDC HKL:
EDC Chile Holdings SpA, which was incorporated on January 13, 2012 in Santiago,
Chile, is a wholly owned subsidiary of EDC HKL and is the holding company of EDC
Geotermica Chile also incorporated on January 13, 2012 in Santiago, Chile. Its main purpose
is to carry on the general business of generating, transmitting, and/or distributing energy
derived from any and all forms, types and kinds of energy sources for lighting and power
purposes and whole-selling the electric power to power corporations, public electric utilities
and electric cooperatives.
EDC Peru Holdings S.A.C., incorporated on January 19, 2012 in Lima, Peru is a 99.9%-
owned subsidiary of EDC HKL. EDC Peru Holdings S.A.C. holds 99.9% stake in EDC
Geotermica Peru S.A.C., which was also incorporated on January 19, 2012 in Lima, Peru.
EHIL owns the remaining 0.1% stake in EDC Peru Holdings S.A.C. and EDC Geotermica
Peru S.A.C. Its main purpose is to carry on the general business of generating, transmitting,
and/or distributing energy derived from any and all forms, types and kinds of energy sources
for lighting and power purposes and whole-selling the electric power to power corporations,
public electric utilities and electric cooperatives.
On July 17, 2012, EDC Quellaapacheta was incorporated in Lima, Peru as a 70%-owned
subsidiary of EDC Geotermica Peru S.A.C. Its main purpose is to carry on the general
business of generating, transmitting, and/or distributing energy derived from any and all forms,
types and kinds of energy sources for lighting and power purposes and whole-selling the
electric power to power corporations, public electric utilities and electric cooperatives.
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