Philippine power firms take brunt of Haiyan’s stock market damage

• 10 years ago (2013-11-19)
• Junior Isles

Renewables 757

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Philippine power company First Gen Corp. and its unit Energy Development Corp. have suffered substantial stock market falls this week in the wake of typhoon Haiyan’s damage to power infrastructure.

First Gen stock fell 11 per cent this week, its biggest loss since June 2009, and its lowest close in almost 18 months. Energy Development, the Philippines’ largest geothermal generator, also slid around 10 per cent this week, its largest fall in over a year. In the meantime the Philippines Stock Exchange Index has risen 0.3 per cent overall.

The typhoon damaged Energy Development’s four major geothermal plants at its Leyte production field, which accounts for 56 per cent of its total generating capacity, the company said in a statement. National Grid has also said it needs six weeks to restore transmission lines damaged by Haiyan to working order, according to local media reports.

Cooling towers at Energy Development’s Malitbog, Tongonan and Mahanagdong power plants have sustained damage, while the Upper Mahiao power plant will be restored quickly, according to the company’s statement. The four plants’ combined 650.9 MW capacity accounts for 93 per cent of the Leyte field’s total installed generating capacity, and the field’s contribution of 7.58 billion pesos ($173 million) in sales for the first half of the year was over half the company’s total, according to data published online.

Haiyan destroyed at least 248 electricity towers, 318 transmission poles and damaged seven substations as of November 12th, according to local media estimates.