The Department of Energy (DOE) said it is closely monitoring the proposed $5-billion acquisition of Energy Development Corporation (EDC) by Indonesia's Barito Group, according to a report by Philstar Biz. The deal would give Barito control of the Philippines' largest geothermal energy producer, which supplies a significant portion of the country's renewable energy.
DOE officials expressed concern over the potential impact on power supply stability and energy security. The agency is reviewing the transaction to ensure it complies with regulations and does not lead to market concentration that could harm consumers.
Barito Group, through its energy arm, has been expanding its presence in Southeast Asia. The EDC acquisition would mark one of the largest foreign investments in the Philippine energy sector, but regulators are expected to impose conditions to safeguard national interest.