The Energy Development Corporation (EDC) will ink a five-year power supply agreement with Razon-led MORE Electric Power Corporation (MORE) for 20 megawatts (MW) worth of renewable mid-merit supply.
The RE supply will come from EDC’s Unified Leyte Geothermal Power Plant beginning July 5, 2021. EDC has submitted the lowest bid for MORE Power’s competitive selection process.
“We are confident that this partnership with First Gen and EDC will give us both our priorities that will benefit our consumers in the long term. Especially now that global fuel prices are, and will continue to be volatile, having renewable energy in our portfolio will save our consumers from high electricity costs,” MORE Power president and CEO Roel Castro said.
The PSA is part of MORE Power’s initiatives to provide a stable and reliable power supply and fixed power rates to its consumers in Iloilo.
MORE Power is Prime Strategic Holdings, Inc.’s electric distribution utility that provides power to 87,000 customers in Iloilo City.
“We thank MORE Power for this new partnership that will not only benefit both parties but will also help our country decarbonize and meet its target to reduce its carbon emissions,” EDC vice president and head of business development Marvin Bailon said.
EDC has over 1,480 megawatts of installed capacity, accounting for 20% of the country’s total RE capacity.