Originally published on bworldonline.com
QUICK READ: Energy Development Corporation remits P12.4 million to its host communities in Leyte as mandated by energy regulations by the Department of Energy.
LOPEZ-LED Energy Development Corporation (EDC) has turned over P12.4 million to two local government units in Leyte that host its geothermal facility, a move called for by a government circular.
In a statement on Monday, the subsidiary of publicly listed First Gen Corp. said checks had been handed over to officials of Ormoc City and the Municipality of Kananga, the hosts of its 726.7-megawatt facility, which is said to be the world’s largest geothermal steamfield.
The turnover is in compliance with the Department of Energy’s Circular No. DC2018-08-0021 that requires energy generation companies or energy resource developers to directly provide their Energy Regulations (ER) No. 1-94 benefits equivalent to one centavo per kilowatt-hour of the total electricity sales to their host communities.
The so-called ER 1-94 funds are meant to hasten the host communities’ socioeconomic development. The Energy department used to be the one releasing the funds.
EDC said that for the past two years, the two local government units used the funds for the construction of quarantine or isolation facilities and other initiatives during the pandemic.
“This strong partnership enables EDC to continue its mission of generating 100% renewable energy to decarbonize our country for its regenerative future,” said Allan V. Barcena, head of EDC’s corporate relations and communications division.
EDC’s facility straddles Ormoc City and the Municipality of Kananga. It supplies more than 30% of the country’s installed geothermal capacity, the company said, adding that the facility puts the Philippines on the map as the world’s largest geothermal producer.
The plant has been providing a reliable supply of clean power to Luzon and the Visayas for almost 40 years, it added.
“We are thankful that our bond with our partners in progress from both the Municipality of Kananga and Ormoc City became even stronger as we all worked together to triumph over this COVID-19 pandemic these past two years,” Mr. Barcena said.
The Energy Development Corporation (EDC) is the leading 100% clean, renewable energy company in the Philippines, with over 40 years of experience in geothermal technology. With power plants situated across the country, EDC is the world’s largest vertically integrated geothermal company. The company also strives to provide the best customer and value-adding services to all its customers. To learn more about lowering your business’ carbon footprint by shifting to renewable energy, visit energy.com.ph or email [email protected]