Lopez Group to supply 100MW to Meralco
By Christine Cudis
MANILA (Philippines News Agency) — The Lopez Group has signed a power agreement with Manila Electric Co. (Meralco) to supply 100 megawatts (MW) to Metro Manila for five years starting December 26, 2019.
Its renewable energy (RE) portfolio composed of First Gen Hydro and Energy Development Corporation (EDC) geothermal facilities signed the deal with the electric distribution utility company on September 16 after it was able to outbid other suppliers for the 500 MW mid-merit power requirement.
First Gen Hydro, the group’s contracting arm that is 60 percent owned by EDC and 40-percent owned by First Gen Corporation, offered a lower all-in headline rate of PHP5.1908 per kilowatt-hour (kWh) and computed all-in levelized cost of energy, inclusive of value-added tax (VAT), of PHP5.3989/kWh compared to other competing coal companies.
“Winning this contract is a clear indication that clean, renewable energy, especially one that is baseload or available 24/7 like geothermal, can be priced lower versus carbon-intensive, non-renewable energy sources,” EDC President and COO Richard Tantoco said Thursday in a statement.
“This gives power consumers a more compelling reason to decarbonize our economy by transitioning to RE,” he added.
Power will be supplied by First Gen Hydro and EDC’s Nasulo, Tongonan, and Bacon-Manito geothermal facilities.
EDC’s 1,475 MW capacity accounts for 37 percent of the country’s total generated renewable energy, making it the country’s leading RE company.
Its 1,181MW of the geothermal portfolio, which accounts for 61 percent of the country’s total installed geothermal capacity, has put the Philippines on the map as the third largest geothermal producer. (PNA)