Energy Development Corporation (EDC) was incorporated and registered with the Securities and Exchange Commission on March 5, 1976 to primarily engage in the business of exploring, developing and operating geothermal energy projects in the Philippines. It began commercial operations with the commissioning of its first steamfield in 1983, and expanded to provide geothermal drilling and consultancy services. EDC became a subsidiary of Red Vulcan Holdings Corporation on November 29, 2007. The ultimate parent company of EDC is First Philippine Holdings Corporation. As of December 31, 2008, EDC operated twelve geothermal steamfields in five geothermal service contract areas where it is principally involved in the production of geothermal steam for sale to the National Power Corporation (NPC) pursuant to steam sales agreements. The company is also involved in the production of steam for delivery to build-operate-transfer power plants that convert steam to electricity for sale by EDC to NPC pursuant to power purchase agreements. For its third business segment, the company provides drilling equipment and rig personnel to the Lihir Gold Limited. Lastly, with its acquisition of a 60% equity stake in First Gen Hydro Power Corporation in 2008, EDC also entered the operation of hydro power plants. Source: SEC Form 17-A (2008)