TODAY'S BUSINESS HEADLINES

PSE shareholders clear capital increase, transfer to BGC

Creation of high-quality jobs rests on private sector -- NEDA

Sarah Jessica Parker inaugurated 'illegally' built SM mall, BCDA says

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EDC eyes resumption of Bacman plant operations this year

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MANILA - Energy Development Corp. expects to resume operations of the shuttered Bacon-Manito geothermal power plant within the year.

EDC said it expects to complete the commissioning and reliability runs on the 130-megawatt Bacman plant within the year.

The company had planned to complete the repairs in the third quarter but moved this to the end of this year after finding issues in the two generating units' turbine rotors.

"The issue with both 55-megawatt generator rotors has been resolved and we expect the units to be on site by September," the company said.

Alstom SA of France is handling the repair work in its workshop in the United Kingdom.

Bacman's third generating unit, which has a 20-megawatt capacity, is undergoing repair and tests in the country and is expected to be commissioned by November.

Early in the year, EDC resumed operation of the third generating unit, allowing the company to pocket P400 million in the first half.

EDC, which operates the steamfield in Sorsogon and Albay where the Bacman plants are located, had to undertake rehabilitation of the power complex after government privatized the facilities in 2009. 

As a result, the company had to absorb P1.2 billion in foregone steam field revenues.

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