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| Energy Development Corporation unit seals supply pacts with Visayas co-ops |
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GREEN Core Geothermal Inc. (GCGI), a subsidiary of Energy Development Corporation (EDC), signed 10-year power supply agreements with the Iloilo Electric Cooperative (ILECO 1) and Aklan Electric Cooperative (AKELCO).
Based on the contracts, GCGI will supply AKELCO with 18 MW for 2010 and 10 MW from 2011 to 2020. ILECO 1, on the other hand will be supplied with 3 MW from 2010 to 2012 and 18 MW from 2012-2022. Power will come from the 112.5-MW Tongonan 1 in Leyte and 192.5-MW Palinpinon plants in Negros Oriental which GCGI won in a bidding last year. “We’re very glad to have ILECO 1 and AKELCO as partners in delivering clean energy to Iloilo and Aklan,” EDC president and COO Richard Tantoco said. “EDC’s long-term contracts with these two cooperatives will support their growth needs with clean, reliable and affordable power. Since the industry is leaning more towards clean energy, EDC, with its 34-year head start in the geothermal business, is well positioned to address the supply shortage in the Visayas grid.” Tantoco added that the pricing of indigenous renewable energy resource such as geothermal is independent of any indexation to movements in global energy indices. AKELCO services 17 municipalities in Aklan and two municipalities in Antique, while ILECO 1’s franchise areas cover 15 municipalities. Comments (0)
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