The Lopez group’s renewable energy (RE) portfolio composed of its First Gen Hydro and its Energy Development Corporation (EDC) geothermal facilities will soon supply 100 megawatts (MW) of clean, renewable, reliable power to Metro Manila after it won in the Manila Electric Company’s (Meralco) Competitive Selection Process (CSP) for 500MW mid-merit capacity for five years beginning on December 26, 2019.
The Power Supply Agreement was signed with Meralco on September 16, 2019.
First Gen Hydro, the group’s contracting arm that is 60% owned by EDC and 40% owned by First Gen Corporation, was able to offer a lower all-in headline rate of P5.1908 per kilowatt-hour (kWh) and computed all-in Levelized Cost of Energy (LCOE, VAT inclusive) of P5.3989/kWh compared to other competing coal companies.
“Winning this contract is a clear indication that clean, renewable energy, especially one that is baseload or available 24/7 like geothermal, can be priced lower versus carbon-intensive, non-renewable energy sources,” said EDC President and COO Richard B. Tantoco. “This gives power consumers a more compelling reason to decarbonize our economy by transitioning to RE.”
Power will be supplied by First Gen Hydro and EDC’s Nasulo, Tongonan, and Bacon-Manito geothermal facilities.
EDC’s 1,475MW capacity accounts for 37% of the country’s total generated renewable energy, making it the country’s leading RE company. Its 1,181MW of geothermal portfolio, which accounts for 61% the country’s total installed geothermal capacity, has put the Philippines on the map as the 3rd largest geothermal producer.
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.