L-R: First Gen VP for power marketing, trading, and economics Carlo Vega, MORE Power president Roel Castro and EDC VP for business development Marvin BailonIloilo City residents will soon enjoy a stable source of clean, renewable energy through More Electric and Power Corporation’s (MORE Power) 20-megawatt mid-merit supply from Energy Development Corporation (EDC) beginning on July 25, 2022.
The five-year power supply to MORE Power will come from EDC’s Unified Leyte Geothermal Power Plant, one of the company’s largest geothermal facilities.
“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,” said Marvin Bailon, EDC vice president and head of business development.
Bailon was referring to the government’s commitment under the Paris Agreement on Climate Change to cut the country’s greenhouse gas emissions by 75% by 2030.
MORE Power’s move to get power from EDC is a part of the distribution utility’s customer welfare-driven initiatives that aim to provide stability and reliability in terms of supply and fixed power rates to its power consumers. This is a result of the competitive selection process conducted by MORE Power wherein EDC submitted the lowest bid among the three participating generators.
“Green power is not only reliable but also affordable. MORE Power gives priority to affordability of electricity, then having renewable energy in our portfolio. 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,” said MORE Power president and CEO Roel Castro during the ceremonial contract signing in June.
MORE Power, a subsidiary of Prime Strategic Holdings Inc., holds a 25-year franchise to energize Iloilo City, which has around 87,000 consumers. (Story/Photos by: Frances Ariola)