Energy Development Corp., a unit of First Gen Corp., will supply 20 megawatts of renewable energy to More Electric and Power Corp. (MORE Power) starting July 25.
EDC’s five-year power supply to MORE Power will come from the Unified Leyte Geothermal Power Plant, one of the company’s largest geothermal facilities.
“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 chief executive officer Roel Castro during the ceremonial contract signing on June 28.
Geothermal energy can provide uninterrupted, year-round baseload power and hardly emits carbon dioxide.
EDC said MORE Power would avoid releasing a minimum of 124,942 tons of carbon dioxide that could otherwise be emitted annually if the electricity came from a coal-fired power plant.