GEOTHERMAL POWER PRODUCER Energy Development Corp. (EDC) plans to invest up to P30 billion to drill 40 new wells through 2026, its president said.
"Our total estimate for the 40 wells is around P30 billion," EDC President and Chief Operating Officer Jerome H. Cainglet told reporters on May 29.
Last year, EDC drilled 24 new wells, with six more scheduled for this year and five in 2026, he said.
"First Gen geothermal, through our subsidiary EDC, undertook the most aggressive drilling campaign in its history with 24 new wells drilled in 2024, while increasing our rig count to seven from only one operational rig at the start of the year," said EDC Vice-Chairman and Chief Executive Officer Francis Giles B. Puno.
Following the drilling campaign, EDC is currently commissioning 83 megawatts (MW) of new geothermal capacity and 40 megawatt-hours (MWh) of battery energy storage, which can provide backup power.
