Energy Development Corp., a subsidiary of First Gen Corp. and leader in renewable energy, has won a contract to supply electricity to the island province of Bohol for 10 years starting in 2024.
One Bohol Power Distribution Utilities Joint Competitive Selection Body awarded the power supply contract to EDC following a competitive selection process or competitive bidding.
IBP is made up of three electricity distributors, including Bohol Light Co. Inc. and Bohol Electric Cooperative I and II.
The CSP requires a basic power supply from a renewable energy source and backup power on the island to ensure that Bohol has a stable electricity supply 24/7, even if it is isolated from the network in the event of natural disasters such as Typhoon Odette. , a typhoon that hit the province hard in late December 2021.
He said that of the bidders, only EDC met their requirements with the 50.83 megawatts of reliable power it committed to supply from the Leyte Unified Geothermal Power Station.
EDC’s bid was accompanied by backup power from an 85.12 MW diesel power plant it will build in Bohol with a partner. Once the diesel plant is completed, it will be the first time that Bohol province will have a backup source to keep its industrial, tourist and residential sectors supplied with electricity even if the connection to the island of Leyte is cut off.
EDC said geothermal power provides uninterrupted baseload power year-round. 1BP and its electricity consumers would avoid approximately 312,355 to 524,757 tons of carbon dioxide instead of coal each year by using geothermal energy.
EDC said the generation charge for the Bohol contract would be around P4.70 per kilowatt-hour at the start of the contract in January 2024. This would be below 1BP’s price cap of P5.4089 per kWH and the rates of the current mixed generation of the three electric cooperatives of Bohol.
1BP’s electricity tariff from PSAs with EDC is fixed and subject only to the increase in the Consumer Price Index of the Philippines despite diesel for its backup power.
EDC has over 1,480 MW of installed capacity, representing 20% of the country’s total installed renewable capacity. Its geothermal portfolio of 1,184.6 MW represents 62% of the country’s total installed geothermal capacity.
This put the Philippines on the map as the third largest geothermal producer in the world.