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EDC Integrated
Report 2023

EDC Integrated
Report 2023

About
EDC

Energy Development Corporation (EDC) is a global and diverse renewable energy company with 47 years of pioneering sustainable practices. We are the Philippines’ leading 100 percent renewable energy producer, with an installed capacity of 1,464.5 megawatts (MW), which accounts for almost 20 percent of the country’s total installed renewable energy capacity. 1,169.85 MW of our geothermal energy production provides 80 percent of the country’s total installed geothermal power.

EDC has been primarily exploring, developing, operating, and utilizing geothermal energy since 1976. We are a world leader in wet steam field technology, with geothermal power facilities in Bicol, Leyte, Negros Island, and Mindanao.We also operate the country’s only combined wind and solar farm in the region located in Burgos, Ilocos Norte, and hydro assets in Nueva Ecija.

Through these investments, EDC supplies 100 percent naturally sourced power to the national grid and bolsters the country’s economic growth. At the heart of our overall operations is the vision of a regenerative future manifested through impactful environmental and social programs implemented in each of our facilities. Our mission is to enhance the ecosystem and uplift the lives of those in our partner communities exponentially. We lead by example and through good governance.

Using nature-based solutions, we strive to improve our watershed management within EDC-managed geothermal reservations. EDC-managed watersheds have the potential to capture more carbon dioxide from the atmosphere than the 1.1 million metric tonnes of carbon dioxide equivalent (tCO2e) carbon emissions of our entire operations, absorbing at least 1.7 million tCO2e every year. We achieve this by implementing comprehensive watershed management strategies such as forest protection, forest restoration, biodiversity monitoring and conservation, mainstreaming of Philippine native trees, and other greening initiatives.

Through social initiatives, we strive to do right by our stakeholders, from the most influential to the most vulnerable, thus maintaining our social license to operate and promoting our accountability culture. We continuously endeavor to attain 10 of the 17 United Nations (UN) Sustainable Development Goals (SDGs):

About
EDC

Energy Development Corporation (EDC) is a global and diverse renewable energy company with 47 years of pioneering sustainable practices. We are the Philippines’ leading 100 percent renewable energy producer, with an installed capacity of 1,464.5 megawatts (MW), which accounts for almost 20 percent of the country’s total installed renewable energy capacity. 1,169.85 MW of our geothermal energy production provides 80 percent of the country’s total installed geothermal power.

EDC has been primarily exploring, developing, operating, and utilizing geothermal energy since 1976. We are a world leader in wet steam field technology, with geothermal power facilities in Bicol, Leyte, Negros Island, and Mindanao.We also operate the country’s only combined wind and solar farm in the region located in Burgos, Ilocos Norte, and hydro assets in Nueva Ecija.

Through these investments, EDC supplies 100 percent naturally sourced power to the national grid and bolsters the country’s economic growth. At the heart of our overall operations is the vision of a regenerative future manifested through impactful environmental and social programs implemented in each of our facilities. Our mission is to enhance the ecosystem and uplift the lives of those in our partner communities exponentially. We lead by example and through good governance.

Using nature-based solutions, we strive to improve our watershed management within EDC-managed geothermal reservations. EDC-managed watersheds have the potential to capture more carbon dioxide from the atmosphere than the 1.1 million metric tonnes of carbon dioxide equivalent (tCO2e) carbon emissions of our entire operations, absorbing at least 1.7 million tCO2e every year. We achieve this by implementing comprehensive watershed management strategies such as forest protection, forest restoration, biodiversity monitoring and conservation, mainstreaming of Philippine native trees, and other greening initiatives.

Through social initiatives, we strive to do right by our stakeholders, from the most influential to the most vulnerable, thus maintaining our social license to operate and promoting our accountability culture. We continuously endeavor to attain 10 of the 17 United Nations (UN) Sustainable Development Goals (SDGs):

Our Mission

To forge collaborative pathways for a decarbonized and regenerative future.

Our Vision

To be the leading global geothermal energy company and key provider of clean and renewable 24/7 energy.

Our Mission

To forge collaborative pathways for a decarbonized and regenerative future.

Our Vision

To be the leading global geothermal energy company and key provider of clean and renewable 24/7 energy.

Lopez Credo & Values

We, as employees of the Lopez group of companies, believe that our primary reason for being is to serve God and the Filipino people.

Thus, we shall always conduct ourselves in a manner that is mindful of the long-term mutual benefit of the Lopez Group and the various publics we serve.

We will be responsible stewards of all our resources, and conscious of our obligation to present and future generations.

Since 1928, and in the years and generations to follow, our commitment to the distinctive Lopez values will not change as we remain committed to serve our stakeholders.

In our service to the Filipino people, we will be guided by the following distinct Lopez Values:

  • A Pioneering Entrepreneurial Spirit
  • Business Excellence
  • Unity
  • Nationalism
  • Social Justice
  • Integrity
  • Employee Welfare and Wellness

We know from generations of experience that it is by living according to these values that a company can be built to last.

Our Purpose

We recognize that our planet’s life support systems and social institutions are now at a breaking point. Unbridled consumption and the importance of bottom-line growth are at the root of the climate crisis, our alienation from nature, and the profound social and economic divisions that have become existential threats to humanity today. Overcoming these challenges will require paradigm shifts in thinking, living, and doing business. Pursuing sustainability that seeks only to do less harm is no longer good enough.

Instead, we need to create symbiotic, mutually beneficial relationships with nature and society that benefit more than just shareholders. Today’s businesses must urgently become a regenerative force that elevates or creates an exponential positive impact on everything they touch—customers, employees, suppliers, contractors, the environment, communities, and investors. We are mindful that we exist within highly diverse and nested systems and must all play unique, reciprocal, and synchronized roles in a world that needs healing.

Our collective success will be measured by how quickly we can decouple economic and social prosperity from the destruction of our planet’s life support systems. We choose this path because it is the only way to a destination where everyone has the opportunity to thrive and prosper on a healthy planet. We choose this path because we believe it is the only way to create lasting value for all stakeholders, not just shareholders. We choose this path because it is inseparable from the Lopez Values that have, and always will, define us.

Our Chosen Path

We take the path that puts the welfare of present and future generations as our foremost concern. We use our heritage and expertise as a leading geothermal energy provider to fulfill our duty to co-create a regenerative society.

We strive to deepen our relationships with customers. Understanding their need for dependable and affordable renewable energy, we purposefully innovate to improve our services to provide the best possible customer experience.

We embark on broadening the markets we serve. Our four decades of advancing renewable energy in the Philippines create the impetus to expand globally and accelerate decarbonization.

We build trusted partnerships with public and private stakeholders to shape a regenerative society. We commit to thinking, living, and doing business in a manner that enables nature to flourish and humanity to prosper alongside an economy that advances.

We foster a culture that cares deeply for the well-being of our people. We empower people to reach their full potential in a workplace where accountability, performance orientation, and collaboration is the norm.

Way to play

We promote a regenerative society by increasing access to reliable renewable energy through purposeful innovation and proactive partnerships.

Sustainable Generation

Expansive understanding and management of geothermal resources to develop and optimize resilient assets

Committed Stakeholder Ecosystem

Integrated approach in building mutually beneficial relationships to progress our regenerative agenda

Organizational Agility

Delivery of fast, customer-centric solutions through self-organized teams who can pivot and prioritize

Purposeful Innovation

Systematic identification and deployment of groundbreaking ideas that improve performance and customer satisfaction

Transformative Integration

Deft integration of targeted acquisitions that increase corporate value

Way to play

We promote a regenerative society by increasing access to reliable renewable energy through purposeful innovation and proactive partnerships.

Sustainable Generation

Expansive understanding and management of geothermal resources to develop and optimize resilient assets

Purposeful Innovation

Systematic identification and deployment of groundbreaking ideas that improve performance and customer satisfaction

Committed Stakeholder Ecosystem

Integrated approach in building mutually beneficial relationships to progress our regenerative agenda

Transformative Integration

Deft integration of targeted acquisitions that increase corporate value

Organizational Agility

Delivery of fast, customer-centric solutions through self-organized teams who can pivot and prioritize

Business Model

EDC’s efforts aim to improve the country’s energy sector by harnessing the full potential of clean, natural resources. Our geothermal energy portfolio is our main asset, in addition to our wind power farm —the largest in the Philippines and combined with our solar power farm—and the FG Hydropower plant in Nueva Ecija.

EDC has remained a trusted industry expert in generating power from geothermal resources for over four decades, providing a stable source of baseload renewable energy known as Geo 24/7.

As the country’s leading renewable energy company, we prioritize consistently enhancing our services while providing customers with the best experience possible by reducing outages and increasing power generation from purely renewable energy sources. EDC’s Agile approach also enables independent decision-making and immediate action, with multidisciplinary teams working together to provide innovative solutions that best serve the customers. All these align with EDC’s culture driven by Continuous Improvement, which inspires innovation and growth. 

Given the urgency of the climate crisis, we are taking all necessary measures to provide reliable, stable, and clean power to customers even during natural disasters and the pandemic. We implement business continuity measures to ensure resilience and adapt to changes and disruptions. Our facilities are typhoon-proofed and have remained climate-resilient, building on the lessons learned after the damage caused to our facilities by Super Typhoon Yolanda

(international name Haiyan) in 2013. As a result of our typhoon proofing efforts, our facilities have experienced few to no incidents with their operations even during the heaviest typhoon seasons in the last five years.

Corporate Governance

EDC recognizes that good corporate governance strengthens and stabilizes a company. The Company’s leadership and stakeholders continue to be committed to good corporate governance practices based on the Revised Corporation Code, applicable corporate governance rules and regulations, our Company’s By-Laws, and its Manual on Corporate Governance.

To ensure good governance, EDC has in place company policies and manuals that contribute to EDC’s corporate governance system, including its Code of Conduct and Business Ethics and Code of Conduct and Discipline, and policies on Protected Disclosures; Giving and Receiving of Corporate Gifts; Related Party Transactions; Anti-Money Laundering and Countering Financial Terrorism and Responsible Asset Protection; the Enterprise Risk Management Manual; Quality

and Asset Management Policy; Health, Safety and Environment Policy; Privacy Policy; Conflict of Interest Guidelines; and other governance-related policies.

EDC
Affiliates

EDC
Affiliates