First Gen/ EDC to supply power to Iloilo, Panay/ Philippines
First Gen Corp.'s majority owned EDC is to supply power to Iloilo, on Panay Island in the Philippines according to recent news from the country.
Reported locally, “Lopez-controlled First Gen Corp. has started talks with Iloilo’s power utility to help secure the province’s electricity supply.
Under a memorandum of agreement inked by First Gen’s unit First Gen Energy Solutions Inc. (FGES) and Iloilo Electric Cooperative I (ILECO I), the power firm will supply electricity from geothermal sources to its franchise area in the Western Visayas region.
FGES is a licensed electricity aggregator and retail energy supplier, which allows it to sell and market electricity to end-users like Ileco I. It also offers smart power monitoring system that helps customers reduce their operating costs through energy efficiency.
The electricity FGES is offering to ILECO I would be provided by Energy Development Corp. (EDC), the country’s largest and the world’s second-biggest producer of geothermal energy. First Gen owns a majority stake in EDC.
Unlike other fossil fuels such as coal and oil, which experts believe are responsible for climate change, geothermal energy harnesses steam from underground reservoirs to generate virtually carbon-free power.
After using steam to generate electricity, the water is injected back into the ground, making geothermal energy a renewable resource.
Although the two parties have yet to complete their talks, ILECO I officials have underscored the need to achieve the twin goals of keeping competitive electricity rates and protecting Panay’s environment.
“The people of Panay are fortunate to have access to geothermal energy, which offers everyone a win-win solution,” Salvador Cabaluna 3rd, ILECO I board president, said.
Panay currently has the most expensive power cost and the lowest supply in the Philippines because it has no indigenous power supply sources.
The Department of Energy earlier reported that Panay island—including Boracay Island—had been experiencing 13 to 23 days of power outages because of the lack of supply.”
Source: The Manila Times