EDC withdraws from unified Leyte IPPA bid

Posted at 11/21/2013 11:12 PM | Updated as of 11/21/2013 11:12 PM

MANILA – The Energy Development Corporation (EDC) withdrew from the Unified Leyte IPPA bid despite winning 40-megawatts of strip energy and the power plant's bulk energy.

In a Philippine Stock Exchange (PSE) disclosure, the Lopez-led company said it cannot accept the award of the winning bids as the super typhoon devastated the physical and economic conditions of the Unified Leyte geothermal power plants.

It earlier sent a formal notice to PSALM.

However, it is not yet clear whether there will be penalties for the company.

COL Financial said securing the IPPA could have boosted the company's future profitability given the current market price for power. -- ANC