Energy Development Corp. (EDC) plans to allocate about P19 billion as capital expenditures in 2026, lower than present spending levels, as it scales down drilling activities.
Chief finance officer Erwin Avante said the reduced capex follows two years of heavy investments in geothermal drilling and growth projects. For this year, EDC set aside P30 billion for capital spending.
In 2026, EDC targets the drilling of six geothermal wells, down from 12 wells planned this year and 24 wells drilled in 2024.
Last August, EDC, through its subsidiary PT FirstGen Geothermal Indonesia, formed a joint venture with PT DSSR Daya Mas Sakti to develop and manage geothermal projects in Indonesia. The projects cover six sites with a combined potential of about 440 megawatts.
Indonesia holds 40 percent of the world’s geothermal reserves, but only around 10 percent has been developed.
EDC has more than 1,100 megawatts of geothermal capacity, accounting for about 80 percent of the country’s installed geothermal capacity. The Philippines ranks third globally in geothermal energy production, after the United States and Indonesia.
