Financial and Operational Highlights

In 2021, the EDC consolidated revenue increased  by 12.6 percent or PHP 4,751.6 million to PHP  42,368.4 million, from PHP 37,616.8 million  in 2020. We attribute this to higher wholesale  electricity spot market (WESM) prices. We also  saw a decrease in our energy sales volume by 0.9  percent or by 84.7 Gigawatt hours (GWh) to  9,027.1 GWh in 2021 from 9,111.8 GWh in  2020.  
Our recurring net income decreased by 11.2  percent or PHP 1,111.4 million to PHP 8,787.3  million from PHP 9,898.7 million in 2020. We  attribute this decrease mainly to higher recurring  operating expenses (PHP 7,443.0 million) partly  offset by higher recurring revenue (PHP 5,456.0  million), lower net interest expense (PHP 573.9  million), and lower provision for income tax (PHP  340.5 million).  
Further, the Company posted a net income of PHP  9,226.5 million in 2021, a 20% or PHP 2,310.5  million decrease from the PHP 11,537.0 million in  2020. The decrease was mainly due to higher costs  of sale of electricity (PHP 7,225.9 million) partly  offset by higher revenue (PHP 4,751.6 million).  Net income in 2021 represented 21.8% of total  revenue compared to 30.7% in 2020.

Our significant financing transactions for the year  include the issuance of the Association of Southeast  Asian Nations (ASEAN) Green Bonds. This was  registered with the Philippine Securities and  Exchange Commission (SEC) with an aggregate  principal amount of PHP 5 billion. An additional  PHP 2 billion fixed-rate long term financing was  secured in February 2021 through a local bank,  while the USD 181 million outstanding bonds were  fully settled in January 2021.
In 2021, about 75% of our total direct economic  value generated was returned and distributed to  the local economy of our sites through employee  wages and benefits, government taxes, payment to  capital providers, operating costs, and community  investments.