DoE fines First Gen unit EDC

LISTED energy firm First Gen Corp. said on Tuesday that its subsidiary Energy Development Corp. (EDC) had been fined by the Energy department.

First Gen disclosed that its unit was fined P100,000 for late application of the safety officer’s permit for its Mainit-Sadanga Geothermal Power Project.

The late application is a violation of Department Circular No. 2012-11-0009 also known as Renewable Energy Safety, Health and Environment Rules and Regulations.

In the document, it is said that an annual renewal of permit should be made within one month prior to the date of expiration of the previously issued permit.

EDC is the world’s largest vertically-integrated geothermal company that is engaged in the exploration, development, operation, and optimization of geothermal steam fields, and in power generation.

It owns and operates 12 integrated geothermal power stations in Leyte, Bicol, Southern Negros, and North Cotabato, with an installed capacity of 1,179 megawatts (MW).

First Gen and its subsidiaries are involved in the power generation business. It is the largest clean and renewable independent power producer in the Philippines, with a total installed capacity of 3,492 MW as of Dec. 31, 2020.

The company owns power plants that utilize natural gas, geothermal, wind, hydro, and solar power which are operational and majority-owned and controlled by First Gen through its subsidiaries.

At the stock market on Tuesday, shares in First ended higher by 0.94% or P0.16 to close at P17.20 apiece. — Justine Irish DP. Tabile