Green Core Geothermal Inc.
(GCGI), the power arm of Energy Development Corporation
(EDC), has signed an agreement with the Central Negros Electric Cooperative (CENECO) to supply 10 megawatts to CENECO from December 26, 2011 to June 25, 2014, and 20 MW from June 26, 2014 to December 25, 2021.
“CENECO’s residential and industrial customers will benefit from this partnership,” EDC president and COO Richard Tantoco said. “On top of being VAT zero-rated, the electricity price of geothermal…is not escalated using adjustment formula that considers movements in global fuel prices and foreign exchange. Our rate provides for a once-a-year adjustment only using the Philippine consumer price index.”
In 2010, GCGI signed power supply contracts with 12 electric cooperatives and two industrial customers which supply the power requirements of 157 cities and municipalities in the Visayas, specifically in Leyte, Cebu, Negros and Panay.
GCGI owns and operates the 112.5-MW Tongonan geothermal plant in Leyte and the 192.5-MW Palinpinon geothermal plants in Negros Oriental.