CPC Corporation and Baseload Power sign cooperation agreement
Signing of Memorandum of Cooperation between Baseload Power Taiwan and CPC Corporation (source: CPC Corporation)
Carlo Cariaga
3 Nov 2022
Taiwan's state-owned CPC Corporation and Baseload Power Taiwan have agreed to cooperate on the development of the Ruisui geothermal area in Hualien County.
Baseload Power Taiwan, a subsidiary of Baseload Capital, has signed a memorandum of cooperation with CPC Corporation, one of the largest state-owned enterprises in Taiwan. With the two companies working together for green energy development towards Taiwan’s net-zero goal, they now plan to cooperate on the development of the Ruisui geothermal area in Hualien County.
According to a global study “The solution project” conducted by Stanford University, if Taiwan has 100% renewable energy mix in 2050, 30.4% shall be geothermal, which is higher than both solar plants being only 24% and offshore wind also being 24%. Together with CPC, Baseload Power Taiwan can make a huge difference taking the geothermal industry much closer to Stanford University’s estimates of geothermal output in Taiwan, and also making Taiwan a leading geothermal player on the global market.
The two parties hope to combine the experience of Baseload Power in exploration and power plant construction with that of CPC Corporation’s experience in the oil and gas industry.
Li Shunqin, Chairman of CNPC Taiwan, pointed out that the state-owned enterprise has three responsibilities in line with the national energy transformation policy – optimizing oil, carbon reduction, and clean energy. The specific direction toward this transformation include developing a diversified energy supply and renewable energy, as well as having environmentally friendly processes, carbon capture, and a hydrogen energy supply chain.
The development of the Ruisui geothermal area will be considered as the starting point for this cooperation. The two companies will exchange technical information and jointly complete exploration, which has been the bottleneck for these projects in the past.
CPC Corporation had previously signed a cooperation framework agreement with Schlumberger (now SLB) to jointly carry out planning and deployment of projects in geothermal energy, carbon neutrality, and digital transformation.
Source: CPC Corporation
