History
The Energy Development Corporation (EDC) used to be a subsidiary of the state-owned Philippine National Oil Company (PNOC) established under Presidential Decree (PD) No. 334 on November 9, 1973 issued by President Ferdinand Marcos. EDC itself was established via PD No. 927 in 1976 to as the geothermal energy exploration and development arm of PNOC. [1] [2] It was established as a response to the oil embargo by the OPEC member-states following the Yom Kippur War. [2]
The EDC commissioned the Tongonan and Palinpinon Geothermal Plants in 1983. [2] In the 1990s, EDC commissioned the BacMan Geothermal Power Plant. [3] [4]
The privitazation of EDC began in the mid-2000s. In late 2006, the company had its initial public offering and was listed in the Philippine Stock Exchange. [5] The First Philippine Holdings Corporation of the Lopez Group took over in 2007. [6] [7]
The privatized-EDC acquired the properties it developed from the national government. This includes the Tongonan and Palinpinon geothermal stations in 2009, [8] and the BacMan station 2010. [9] The BacMan Plant which was shut down in 2009 became fully operational again by 2014. [10]
In 2012, EDC was granted Newen, a geothermal concession area in Chile, marking its expansion overseas. [11]
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