EDC temporarily shuts down BacMan Unit 2
MANILA, Philippines - Energy producer Energy Development Corp. (EDC) announced that it has shut down its geothermal power plant in Albay province due to vibration issues.
In a disclosure to the PSE on Friday, March 1, EDC said that it shut down "BacMan" Unit 2 of its Bacman Geothermal Project in Sorsogon City after initial inspections have shown that a turbine blade that sheared off caused damage to the unit.
"We recognize the serious nature of this new setback to BacMan Unit 2. We will do everything to determine the cause of this problem, and to ensure that this is completely resolved at the soonest time possible," said EDC President Richard Tantoco.
The company also said that it is temporarily shutting down the operations of Bacman Unit 1 to allow for an inspection. Unit 2 has been operating since February 5.
BacMan 2 has a plant capacity of 20 MW and BacMan 1 has 110 MW.
On February 25, EDC announced that its core net income grew 89% to P9.89 billion in 2012 due to strong electricity sales.
EDC is an affiliate of First Gen Corp, the Lopez Group's power producer.
As of 10am on Friday, March 1, EDC stocks were down 9.37% while First Gen stocks were down by 7.6%. - Christian Bautista/Rappler.com