EDC doubles its profit pleasure

In the Philippines, Energy Development Corp. (EDC) saw its core income for the first half of 2010 rise 113.7% to $124 million, up from $58 million for the first half of 2009. This was despite losing $5.6 million at the 305-MW Tongonan 1 and Palinpinon power plants operated by its subsidiary, Green Core Geothermal, Inc. The 106 MW Mindanao geothermal plants increased earnings to $9.4 million from $7.4 million after build-operate-transfer fees were eliminated in June last year.