Lopez-backed EDC commits P60 billion for three-year geothermal expansion drive

The Lopez family’s Energy Development Corp. (EDC) is set to drill 40 geothermal wells with capital spending estimated at around P60 billion over the next three years.

EDC chief executive officer Francis Giles Puno underscored the pivotal role of geothermal energy as a reliable 24-hour baseload source of renewable energy (RE).

In line with this, the company is fully committed to ensuring the long-term sustainability of its geothermal operations.

Puno outlined the primary focus of EDC during this period, stressing the necessity of maintaining a consistent supply of renewable geothermal energy for their customers.

The allocated P60 billion will not only cover routine maintenance and capacity enhancements but will also bolster the operational vitality of EDC’s geothermal plants situated in Leyte and Mt. Apo.

EDC, a subsidiary of First Gen Corp., boasts ownership of 12 integrated geothermal power stations strategically positioned in Leyte, Bicol, Southern Negros, and North Cotabato. These facilities collectively wield an installed capacity of 1,179 megawatts.

US leads call to triple nuclear power at COP28

More than 20 nations including the United States called for a tripling of nuclear energy to drive down emissions on Saturday as world leaders assembled for a second day at UN climate talks in Dubai.