EDC, MORE Power ink 5-year power supply deal

Originally published on powerphilippines.com


QUICK READ: Energy Development Corporation is set to sign a five-year power supply agreement with MORE Electric Power Corporation to provide them with geothermal energy from the company’s geothermal power plant in Leyte.


The Energy Development Corporation (EDC) will ink a five-year power supply agreement with Razon-led MORE Electric Power Corporation (MORE) for 20 megawatts (MW) worth of renewable mid-merit supply.


The RE supply will come from EDC’s Unified Leyte Geothermal Power Plant beginning July 25, 2021. EDC has submitted the lowest bid for MORE Power’s competitive selection process.


“We are confident that this partnership with First Gen and EDC will give us both our priorities that will benefit our consumers in the long term. Especially now that global fuel prices are, and will continue to be volatile, having renewable energy in our portfolio will save our consumers from high electricity costs,” MORE Power president and CEO Roel Castro said.


The PSA is part of MORE Power’s initiatives to provide a stable and reliable power supply and fixed power rates to its consumers in Iloilo.

MORE Power is Prime Strategic Holdings, Inc.’s electric distribution utility that provides power to 87,000 customers in Iloilo City.


“We thank MORE Power for this new partnership that will not only benefit both parties but will also help our country decarbonize and meet its target to reduce its carbon emissions,” EDC vice president and head of business development Marvin Bailon said.


EDC also signed a PSA with TDK Philippines Corporation as part of its climate change efforts.


EDC has over 1,480 megawatts of installed capacity, accounting for 20% of the country’s total RE capacity.


The Energy Development Corporation (EDC) is the leading 100% clean, renewable energy company in the Philippines, with over 40 years of experience in geothermal technology. With power plants situated across the country, EDC is the world’s largest vertically integrated geothermal company. The company also strives to provide the best customer and value-adding services to all its customers. To learn more about lowering your business’ carbon footprint by shifting to renewable energy, visit energy.com.ph or email [email protected].