First Gen Corp. through its subsidiary, Energy Development Corp. (EDC), has been awarded the power supply contract for Bohol from 2024 to 2033.
EDC said the generation charge is approximately P4.7 per kilowatt hour (kWh) once the contract commences in January 2024 which is below the P5.4089 per kWh price cap of the One Bohol Power Distribution Utilities’ (1BP) joint competitive selection process.
The company said its rates are also below the current blended generation rates of all three Bohol electric cooperatives comprising the 1BP, including Bohol Electric Cooperatives I and II as well as the Bohol Light Co.
1BP said only EDC met their requirements of 50 to 83 megawatts (MW) that will be supplied from the Unified Leyte geothermal power plant, with an accompanying backup power supply from an in-island 85.12 MW diesel-fired power plant that EDC and its partner will be constructing in Bohol.
1BP’s power rates from the power supply agreement with EDC is fixed and subject only to Philippine consumer price index escalation.
Upon completion of the diesel power plant, will mark the first time Bohol province will have a backup source to ensure the province will have a steady 24×7 supply of electricity even if it gets isolated from the grid, similar to what happened when typhoon Odette hit the country.
EDC also said with the geothermal power supply, 1BP and its power consumers can avoid about 312,355 to 524,757 tons of carbon dioxide emissions annually. – Jed Macapagal
