MANILA, Philippines - Green Core Geothermal Inc., a subsidiary of geothermal leader Energy Development Corp., has signed a 10-year power supply agreement with Capiz Electric Cooperative to supply 12 megawatts (MW) of power from its geothermal power plants in Leyte and Negros Oriental.
Green Core operates the 112.5-MW Tongonan geothermal plant in Leyte and the 192.5-MW Palinpinon plant in Negros Oriental.
Richard Tantoco, president and chief operating officer of EDC, pointed out that the rates of geothermal energy “are cheaper compared to those offered by coal and diesel-fired power plants.”
“We’re very happy with this deal because of the low rates of geothermal compared with other sources. It’s good that we get 70 percent of our supply from [Green Core’s] geothermal plants and only 30 percent from more expensive sources. We are able to provide both our residential and industrial customers with clean, stable and affordable power,” said Capelco general manager Edgar Diaz.
Early this year, Green Core inked long-term power supply deals with the Aklan Electric Cooperative and Iloilo Electric Cooperative.
“Geothermal plants are major sources of electricity in our country. In fact, the Philippines is the second largest producer of geothermal energy in the world after the US,” Energy Regulatory Commission chairperson and CEO Zenaida Ducut noted.