QUICK READ: Energy Development Corporation has turned over P4.16 million to NORECO 1 as part of its electrification fund.
Negrosanons will once again reap the benefits of hosting Lopez-led geothermal leader Energy Development Corporation’s (EDC) geothermal plants with the P4.16 million that the company has turned over to the Negros Oriental 1 Electric Cooperative, Inc. (NORECO 1) for its electrification fund.
The said fund is part of the province’s Energy Regulations (ER) No. 1-94 benefit as host to EDC’s 222.5 megawatts (MW) Southern Negros geothermal facility, including its Green Core Geothermal, Inc. (GCGI) subsidiary in Valencia, Negros Oriental. Section 5(i) of RA 7638 (DOE Act of 1992); Section 66 of RA 9136 (EPIRA of 2001); DOE DC 2018-08-0021 requires energy generation companies and/or energy resource developers to directly provide their ER1-94 benefits equivalent to one centavo per kilowatt-hour (P0.01/kWh) of the total electricity sales to their host communities. The amendment intends to accelerate their socio-economic development and have more efficient utilization of funds, which used to be released by the DOE.
Fifty percent of the P0.01/kWh benefit or P0.005/kWh of the electricity sales shall be allocated to the host area’s electrification fund (EF). The funds should be applied to the host barangays, host municipality, host province, host region, and the distribution utility’s (DU) other prioritized areas, as approved by the Department of Energy (DOE). The generation companies are required to turn over the EF to the DUs, which are responsible for opening a trust account and for administering the EF.
“We are grateful for the generosity of EDC and GCGI and for the fast delivery of these benefits. This is a big help in funding crucial projects in our areas,” said Jose Jovileo D. Acabal, General Manager of NORECO-1, who received the EF funds together with Elvie Vendiola and Nick Sherwin Llena, the DU’s accounting division chief, and finance manager, respectively.
“Being able to directly disburse our partner communities’ benefits as hosts to our geothermal facilities provides us with the opportunity to forge a stronger partnership with them as we work together to not only provide reliable, clean, stable power to more Negrosanons but to also help them thrive even during this COVID-19 pandemic,” said Norreen G. Bautista, Head of EDC’s Corporate Social Responsibility team in Negros.
EDC’s over 1,480MW total installed capacity accounts for 20 percent of the country’s total installed renewable energy capacity. Its geothermal facilities in Valencia, Negros Oriental have been providing clean, renewable, reliable power 24/7 to Negros Island and other parts of the Visayas region for almost 38 years.
The Energy Development Corporation (EDC) is a pioneer in generating 100% clean, renewable, and reliable power as an electricity supplier in the Philippines for over 40 years. With power plants all over Visayas and Mindanao, the company is one of the biggest producers of geothermal energy in Asia and is expanding its reach in the international market, allowing it to offer customers affordable energy rates. EDC also strives to provide the best customer service it can to all its clients by having helpful salespeople and easy to understand contracts. Because of all of this, it is poised to become the premier supplier of electricity for the Philippines’ Green Energy Option Program. EDC takes its mission as a renewable energy provider seriously and goes beyond sustainability by investing in programs that enhance the environment and empower its partner communities, thereby fostering regenerative development. The company has also been working toward being carbon-neutral by improving its energy efficiency, as well as implementing various greening projects to ensure that its mission to provide future generations with a better life remains intact.