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| Energy Development Corporation unit inks power supply pact with Capiz co-op |
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GREEN Core Geothermal Inc. (GCGI), a subsidiary of geothermal leader Energy Development Corporation (EDC), will supply Capiz province with 12 megawatts of power coming from its geothermal plants in Leyte and Negros Oriental. GCGI signed a 10-year power supply agreement with the Capiz Electric Cooperative (CAPELCO) to energize 17 cities and municipalities in the province. “We’re very happy with this deal primarily because of the low rates of geothermal compared with other sources. It’s good that we get 70% of our supply from GCGI’s geothermal plants and only 30% from more expensive sources. We are able to provide both our residential and industrial customers with clean, stable and affordable power,” CAPELCO general manager Edgar Diaz said.
EDC president and COO Richard Tantoco said that the pricing of indigenous renewable energy resource such as geothermal is not only independent of any indexation to movements in global energy indices but is also VAT zero rated. “Hence, our rates are cheaper compared to those offered by coal and diesel-fired power plants.” This is also the reason cited by the other electric cooperatives that GCGI is supplying power to. Early this year, GCGI sealed long-term power supply deals with the Aklan Electric Cooperative and Iloilo Electric Cooperative 1. GCGI operates the 112.5- MW Tongonan geothermal plant in Leyte and the 192.5- MW Palinpinon geothermal plants in Negros Oriental. Comments (0)
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