The improvement was mainly driven by the increased revenue contribution and lower operating costs from the Company’s subsidiaries. Green Core Geothermal Inc. ("GCGI”), the project company for the 305MW Palinpinon-Tongonan power plants, and FG Hydro Power Corporation ("FG Hydro”), the project company owning the 132MW Pantabangan-Masiway power plants contributed an additional Php0.7 billion and Php0.6 billion, respectively, to the Company’s net income. The increased revenues from GCGI is as per the agreed contracts that became effective in mid-201 1. Meanwhile, FG Hydro continues to post strong earnings due to higher energy sales and offtake from contingency and dispatchable reserves.
"In our stockholders’ meeting yesterday, I reminded them that 2010 and 2011 are our transition years during which we planted the seeds of growth and made our balance sheet stronger. Investments in Tongonan and Palinpinon Power Plants have started to yield better results for the Company. Our hydro asset is also performing exceptionally well this year, thanks to the high water levels stored in the reservoir,” said Richard B. Tantoco, President and Chief Operating Officer.
EDC is the world’s largest vertically integrated geothermal company operating 1,130 MW geographically distributed across the Philippines. It is majority owned by First Gen Corporation.