The necessary requirements for the proposed Sibulan Hydro Power Plant Project are now being accomplished by Hydro Electric Development Corp., a private power generation firm set to invest P2-billion for the project.
"There is already substantial progress made by the proponent with respect to the preparatory activities for the proposed Sibulan Hydro Power Plant Project and we certainly look forward to seeing this project start soon," said Jesus Dureza, chairman of the Mindanao Economic Development Council (MEDCo).
The Sibulan project is expected to ease the increasing power demand in Mindanao, which according to the National Transmission Corp. (Transco), as of Sept. 1 has available capacity of 1390 Megawatts while peak load is at 1023MW or a gross reserve of 367MW.
Dureza said that investments in power generation are particularly crucial for Mindanao today, considering the sustained increase in power demand which averaged five to 10 percent yearly for the last five years.
The growing population of Mindanao, which has a consumer base of more than 20 million, is expected to cause the increase in the demand for power particularly with the industrialization of certain key areas in the south.
Located just about 25 kms south of Davao City, the Sibulan hydro-power project is expected to benefit not only those in Davao del Sur but also those in the southernmost part of the city.
The Proposed Sibulan Hydro Power Project was initially considered by HEDCOR in 1993 on a pre-feasibility level and was concluded as potentially viable. However, further studies were halted due to the unfavorable peace and order situation in the project area at that time.