EDC secures 10-year power supply contract in Bohol

MANILA, Philippines — Energy Development Corp. (EDC) has secured a contract to supply power to the entire island of Bohol for a decade.

The renewable energy firm owned by First Gen Corp. said it has been awarded the power supply contract by One Bohol Power (1BP) distribution utilities following a joint competitive selection process.

The supply contract will enable EDC to supply electricity to the entire island of Bohol for 10 years from 2024 to 2033.

According to EDC, 1BP distribution utilities’ joint selection process required a baseload power supply from a renewable energy source and an in-island backup power to ensure that Bohol will have a steady 24/7 supply of electricity even if it gets isolated from the grid amidst natural catastrophes.

EDC was the only bidder who met the distribution utilities’ requirements through the 50 to 83 megawatts (MW) of dependable power that it has committed to provide from its Unified Leyte Geothermal Power Plant.

This comes 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 the province of Bohol.

EDC said upon completion of the diesel power plant, it would be the first time Bohol province will have a backup source to keep its industry, tourism and residential sectors supplied with electricity even if the connection to Leyte island is cut.

EDC estimates generation charge for the contract to be at approximately P4.7 per kWh once it starts in January 2024.

The company said the rate is not only below 1BP’s price cap of P5.4089, but is also well below the current blended generation rates of all three Bohol electric cooperatives.

By being awarded the contract, EDC will also be supplying clean and dependable power to the entire island of Bohol from its Unified Leyte Geothermal Power Plant.

Among renewable energy technologies, geothermal energy is the only one that provides uninterrupted baseload power rain or shine, all year round.

This will enable 1BP and its power consumers to avoid about 312,355 to 524,757 tonnes of carbon dioxide in lieu of coal each year, EDC said.

EDC’s over 1,480-MW total installed capacity accounts for 20 percent of the country’s total installed renewable energy capacity.

Its 1,184.6-MW geothermal portfolio, which accounts for 62 percent of the country’s total installed geothermal capacity, has put the Philippines on the map as the third largest geothermal producer in the world.