Energy Development (EDC) Corporation, formerly PNOC Energy Development Corporation, is engaged in the exploration, development and operation of geothermal energy. It is also involved in geothermal drilling and consultancy services. EDC became a subsidiary of Red Vulcan Holdings Corporation on November 29, 2007, which is a wholly owned subsidiary of First Gen Corporation. The Company operates 12 geothermal steamfields in the five geothermal service contract areas: Leyte Geothermal Production Field, Southern Negros Geothermal Production Field, Bacon-Manito Geothermal Production Field, Mindanao Geothermal Production Field and No. Negros Geothermal Production Field. On November 17, 2008, EDC acquired 60% of First Gen Hydro Power Corporation (FG Hydro) from First Gen Corporation.