EDC 2014 SR (UPDATED)
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<strong>EDC</strong> <strong>2014</strong> Performance Report<br />
Bacon-Manito, Albay and Sorsogon - <strong>EDC</strong> operates two geothermal steamfield projects,<br />
which deliver steam to two geothermal power plants in Albay and Sorsogon, owned by the<br />
Parent Company’s subsidiary BGI.<br />
Mt. Apo, Kidapawan, Cotabato - <strong>EDC</strong> operates one geothermal steamfield project, which<br />
delivers steam to two <strong>EDC</strong>-owned geothermal power plants on Mt. Apo.<br />
The Company also operates hydroelectric power plant through First Gen HydroPower Corporation<br />
(FG Hydro), a 60%-owned subsidiary of <strong>EDC</strong>. FG Hydro generates revenue from the sale of<br />
electricity generated by its 132-Megawatt (MW) Pantabangan-Masiway hydroelectric plants<br />
located in Nueva Ecija. FG Hydro sells its generated electricity to various privately-owned<br />
distribution utilities (DUs) under the PSAs and PSCs. Generated electricity in excess of the<br />
contracted levels is sold to the WESM.<br />
In November <strong>2014</strong>, <strong>EDC</strong> Burgos Wind Power Corporation (EBWPC), a wholly-owned subsidiary<br />
of <strong>EDC</strong>, has completed the construction of its 150-MW Burgos Wind Energy Project located in<br />
Ilocos Norte. The Company intends to operate the Burgos Wind Project under the Feed-In Tariff<br />
(FIT) System. As of March 6, 2015, the Company’s application for the FIT Certificate of<br />
Compliance (a requirement to avail of the incentives under the FIT System) is subject for the<br />
approval of the Energy Regulatory Commission (ERC). In <strong>2014</strong>, the Burgos Wind Project started<br />
to generate electricity which was sold to the WESM.<br />
The construction of the Company’s 4-MW solar power plant located in Burgos, Ilocos Norte is<br />
ongoing.<br />
Also, until October 2012, the Parent Company had drilling operations in Papua New Guinea<br />
(see Note 5).<br />
Subsidiaries<br />
The Parent Company and its subsidiaries were separately incorporated and registered with the<br />
Philippine Securities and Exchange Commission (SEC), except for its foreign subsidiaries. Below<br />
are the Parent Company’s ownership interests in its subsidiaries:<br />
Percentage of Ownership<br />
December 31, <strong>2014</strong> December 31, 2013<br />
Direct Indirect Direct Indirect<br />
<strong>EDC</strong> Drillco Corporation (<strong>EDC</strong> Drillco) 100.00 – 100.00 –<br />
<strong>EDC</strong> Geothermal Corp. (EGC) 100.00 – 100.00 –<br />
Green Core Geothermal Inc. (GCGI) – 100.00 – 100.00<br />
Bac-Man Geothermal Inc. (BGI)<br />
Unified Leyte Geothermal Energy Inc. (ULGEI)<br />
–<br />
–<br />
100.00<br />
100.00<br />
–<br />
–<br />
100.00<br />
100.00<br />
Southern Negros Geothermal, Inc. (SNGI)*** – 100.00 – 100.00<br />
<strong>EDC</strong> Mindanao Geothermal Inc. (EMGI)*** – 100.00 – 100.00<br />
Bac-Man Energy Development Corporation<br />
(B<strong>EDC</strong>)***<br />
Kayabon Geothermal, Inc. (KGI)***<br />
–<br />
–<br />
100.00<br />
100.00<br />
–<br />
–<br />
100.00<br />
100.00<br />
Mount Apo Renewable Inc. (MAREI)* – 100.00 – –<br />
Energy Development (<strong>EDC</strong>) Corporation Chile Limitada<br />
[<strong>EDC</strong> Chile Limitada] 99.99 0.01 99.99 0.01<br />
(Forward)<br />
144
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