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EDC 2016 Performance Report

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EDC 2016 Performance Report 1 About the Cover CARBON EMISSIONS ARE THREATENING OUR WORLD But together we can tap our Earth’s clean energy. As the world changes, so must companies adapt. Energy Development Corporation (EDC), a global leader in geothermal energy and Philippine pioneer in renewable energy power production, aims to secure the future by harnessing only clean energy. The biggest threat to us right now is global warming and climate change. We want to be part of the solution, rather than contribute to the Philippines being placed in peril. The smokestacks on the cover, shown through a red filter, vividly present a problem that cannot be ignored: carbon emissions and their effects on the global climate ecosystem pose a danger to the stability of our planet, the health of our populations, and the growth of our economy. Being an energy provider in a country consistently ranked among the top five most climate-affected countries in the Global Climate Risk Index, we will not use coal. We are heeding the warning signs. Our actions are backed by scientific facts. Our sustainability efforts are geared toward making a positive change for our country’s continued growth. Editorial Team EditoriaL ADVISERS CIRCULatioN Ramon A. Carandang Glea V. Bautista Agnes C. de Jesus Ma. Antonia D. Nieva COVER DESIGN BBDO Guerrero Editor-IN-CHIEF Frances L. Ariola COPY, LAYOUT AND INFOGRAPHICS DRINK CONTRIBUtorS Atty. Maria Jasmine D. Medina-Almogino PHotograpHY Marsha A. Anave Edwin Tuyay (Portraiture) Louie Adrianne R. Cediño Martin Jhudiel D. San Diego (Portraiture) Ronino C. Gibe Toto Labrador (Portraiture) Paulo M. Gooco Ivy A. Henson (Ground) Garrick Gregory A. Mina Jeffrey Bajo (Ground and Aerial) Laarni R. Naranjilla John Carlo P. Despi (Ground) Teresa P. Peralta Richard V. Webb (Ground) Cherrylane E. Santiago Creation Station (Aerial) Jimson S. Solatre Atty. Princessita M. Yulde Contents 4 EDC at a Glance 10 Powering Infinite Possibilities @ 40 11 About the Report: Seven Years of Sustainability Reporting 15 2016 Performance Highlights 16 Vision, Mission, and Values 17 Awards and Recognition 18 Message from the Chairman and Chief Executive Officer 22 Report of the President and Chief Operating Officer 28 Report of the Chief Financial Officer 32 Investors’ Nook 34 Our Economic Performance Feature: Our Climate-Resilient Power Plants: Good As New Feature: A Golden Opportunity: EDC Installs Photovoltaic Rooftops Feature: Powering the Local Economy Feature: Greening the Supply Chain: Choose Local 42 Our Corporate Social Responsibility Feature: Enhancing Youth Employability Feature: Inclusive Learning Feature: The School Rebuilding Project Feature: Building Resilient Communities Feature: Community Partnership to Protect Biodiversity Feature: Ties that Bind 56 Our Environmental Performance Feature: Nurtured Forests and Carbon Positivity Feature: Saving Our Forests: EDC Rescues 96 Native Tree Species Feature: EDC Launches BINHI Tree for the Future Coffee-table Book 78 Our High Engagement Culture Feature: Young Apprentices Explore Their Options at EDC Feature: Why Work for EDC? 90 Our Health and Safety Programs 100 Our Corporate Governance 126 Board of Directors 132 Key Executives 138 Memberships 139 Sustainability at Work: Our GRI Team 140 Assurance Statement of the External Review Committee 142 External Review Committee 144 Global Reporting Initiative Standards Content Index 152 Audited Consolidated Financial Statements 153 2016 Audit and Governance Committee Report 155 Management’s Responsibility for Financial Statements EDC at a Glance Filipino company Energy Development Corporation (PSE: EDC) is a global and diverse renewable power company with 40 years of pioneering sustainable practices. Committed to a purely renewable portfolio, the company operates 1,169 MW of geothermal, 150 MW of wind, 132 MW of hydroelectric power, and 6.8 MW of solar — delivering a total of 1,457.8 MW (gross) of clean and renewable energy. EDC holds the position as the Philippines’ At the heart of our operations is the need to preserve premier geothermal company. Since 1976, we our natural heritage so that Filipinos can continue to have harnessed indigenous, naturally occurring enjoy their benefits and secure energy for future needs. geothermal reservoirs. With strategic geothermal With sustainability at the heart of our entire business business units now operating throughout the value chain, we implement the same environmental Philippines, located in Bicol, Leyte, Negros Island, and and social practices and programs in all the business Mindanao, the company is a recognized world leader units to enhance the ecosystem, and uplift the lives of in wet steamfield technology. the residents in our host communities. Our driving motivation has always been to provide alternative energy solutions for the country. We also At the heart of our operations is operate the biggest combined wind and solar farm in the need to preserve our natural the region, located in Burgos, Ilocos Norte. Together heritage so that Filipinos can with our hydro assets in Nueva Ecija, we are able to continue to enjoy their benefits and supply vital naturally sourced power to the Grid and secure energy for future needs. bolster the Philippines’ economic growth prospects. 4 I Energy Development Corporation Performance Report 2016 102-1, 102-4, 102-49 CURRENT INSTALLED CAPACITY 1,457.8 MW 150 MW Today, EDC is a diversified renewable Burgos Wind energy company, with steamfields and power plant projects located across the Philippine archipelago. P 4.16 MW P Burgos Solar I P 2.66 MW Burgos Solar II ne MW can light up 20,000 120 MW Pantabangan rural homes. 12 MW Masiway 120 MW BacMan I 112.5 MW 20 MW Tongonan BacMan II P P P 125 MW P Upper Mahiao P P P 232.5 MW Malitbog 180 MW 112.5 MW Mahanagdong Palinpinon I 50.9 MW Optimization 60 MW 49.4 MW Palinpinon II* Nasulo * 20-MW Nasuji Power Plant P placed on preservation P P P P P LEGEND: Wind Solar Hydro Geothermal (EDC Subsidiary) Geothermal (Integrated) 52 MW Mindanao I P Prospect Areas (Geothermal) P 54 MW Prospect Areas (Wind) Mindanao II P Prospect Areas (Solar) SDG 2 102-2, 102-4, 102-49, EU1 EDC Prospect Areas Growth with • Amacan, Compostela Valley • Ampiro, Misamis Occidental our Customers • Mandalagan, Negros Occidental • Lakewood, Zamboanga del Norte and P Geothermal Zamboanga del Sur • Balingasag, Misamis Oriental, Bukidnon • Mt. Zion, North Cotabato, Davao del Sur • Mt. Zion 2, North Cotabato, Davao del Sur 4 Institutional • Burgos 3, Burgos & Pasuquin, Ilocos Norte • Burgos 4, Ilocos Norte • Pagudpud, Ilocos Norte P Wind • Matnog 1, Matnog & Magdalena, Sorsogon • Matnog 2 and 3, Matnog, Sorsogon • Batad & San Dionisio, Iloilo Industrial • Murcia, Negros Occidental 22 P Solar • Iloilo, Iloilo City • Bogo, Cebu STRATEGIC Before 2007 Today FOCUS 2 Generators • 1,169 MW Geothermal 1,149 MW (Steamfield and power plant) Geothermal • 150 MW Wind (Steamfield only) • 132 MW Hydro TECHNOLOGY • 6.8 MW Solar Distribution • NPC Utilities • Electric Cooperatives 2 National Power • Distribution Utilities Corporation (NPC) • Large Industrial Clients CUSTOMERS • National Grid Corporation of the Philippines 21 • PPAs Electric Cooperatives* Power Purchase • Wholesale Electricity Spot * Supplies to commercial, Agreements Market residential, and industrial customers (PPAs) • Ancillary Services Provider BUSINESS MODEL • Feed-in-tariff • Philippines • Indonesia Philippines 51 • Peru Total DOMICILE • Chile New Contracts, Six new power supply agreements (PSAs) were signed in 2016, bringing the number of outstanding contracts to 35. New Customers These include three new PSAs signed with First Gen Hydro for 2016 Power Corporation (FG Hydro) for replacement power supply to Nueva Ecija II Electric Cooperative, Inc. Area 1 (NEECO II A1), IMAK – INEC, and Bohol II Electric Cooperative, Inc., and two PSAs with contestable customers through First Gen Energy Solutions, Inc. (FGES). A nine-month PSA of Unified Leyte Geothermal Inc. (ULGEI) and Bohol I Electric Cooperative, Inc. (BOHECO I) concluded by yearend. In addition, FG Hydro, which is 60 percent owned by EDC, entered into two new power supply agreements (PSA) in 2016. The first was signed with FGES for the supply to RFM, effective until February 25, 2018, and the second with BGI for the replacement power supply to NEECO II Area 1, effective until August 25, 2018. Total service fees incurred amounted to PHP100.2 million. Notably, EDC’s three existing Power Purchase Agreements (PPA) with Unified Leyte, and Mindanao I and II contributed PHP14.1 billion in 2016, which was higher than the two preceding years. 102-6, 102-49, EU3, EU10 8,531.5 GWh = 7,469,325 tCO2 clean power generated avoided (in lieu of coal) (sales volume) 7 I Energy Development Corporation Performance Report 2016 The EDC Value Chain EDC generates sustainable power through our diversified and purely renewable energy portfolio, which encompasses geothermal, hydro, wind, and solar energy. We specialize in site exploration and preparation, and the development, operation, maintenance, and decommissioning of power plants. Our longstanding commitment to live harmoniously with the environment is demonstrated in every one of our processes, as we consistently implement measures to minimize our carbon footprint, and maximize the benefits to the natural ecosystem and to society. In so doing, we intend to uplift the lives of our customers and partner communities, and help bring the country closer to its goal of becoming a sustainable economy. We re-affirmed this commitment with our new Powering tagline, “Powering Infinite Possibilities,” during our 40th anniversary celebration on March 4, 2016. “The technology solutions we choose to employ Infinite must not only bring down our costs and drive operational efficiency, they must also be sustainable solutions that will help us change the game and Possibilities assure competitiveness in an era of falling coal prices, and even that of other competing renewable @ 40 technologies. It’s a big responsibility, but if there’s anyone in the world who’s capable of doing this, it’s The Energy Development Corporation (EDC) believes EDC,” said Federico R.
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