MANILA, Philippines - The third unit of the Bacon-Manito (BacMan) geothermal power plant of Energy Development Corp. (EDC) tripped last week due to a minor tube oil leak, the company said in a disclosure to the Philippine Stock Exchange.
The Lopez-owned firm said the third unit of the plant, owned by its subsidiary Bac-Man Geothermal Inc., has a capacity of 20 megawatts.
In its disclosure, EDC said it is now taking the necessary steps to repair the unit.
“The inspection is now focused on possible effects to turbine and generator bearings and other components and on the repairs as may be necessary, preparatory to the restarting of the unit. Spare parts are available on site and the partner-contractors have been mobilized,” EDC said.
EDC is aiming to have the unit back in service in time for the peak energy demand in the summer months.
“During the shutdown, BGI will take the opportunity to initiate planned facility upgrades,” EDC said.
EDC reported a record P9.2-billion net income last year, 40 percent higher than the P6.6 billion recorded in 2013, partly due to the company’s rehabilitation of the BacMan plants.
The BacMan plant in Bicol consists of Unit 1 (55 MW), Unit 2 (55 MW) and Unit 3 (20 MW), according to data from EDC.
In its report, EDC said consolidated revenues reached P30.9 billion last year, up 20 percent from P25.7 billion in 2013.
EDC attributed more than half of the increase to BacMan, at P2.8 billion.
In May 2010, EDC acquired the BacMan plant from the government with a winning bid of $28.25 million in an auction conducted by the Power Sector Assets and Liabilities Management Corp. (PSALM), the agency tasked to handle the privatization of state-owned National Power Corp. (Napocor).