EDC steams to higher 2009 profits

In the Philippines, geothermal developer Energy Development Corp. reported earnings rose 25.5% to to $163 million in 2009 from $129 million the previous year. The company cited higher revenues, currency movements, and accounting adjustments brought about by a new Renewable Energy law. Revenues rose by $60 million on increases in electricity sales and drilling services and EDC reversed $207 million in foreign exchange losses in 2008 to a $28 million gain. The company said the gains offset the write-down of $64 million on deferred tax assets arising under the RE law, the $49 million increase in operating expenses due mainly to steam augmentation activities and a $68 million one-time arbitration award in 2008 that reduced expenses and increased income that year.