The Lopez group’s renewable energy (RE) portfolio composed of its First Gen Hydro and its Energy Development Corp. (EDC) geothermal facilities will soon supply 100 megawatts (MW) of clean, renewable, reliable power to Metro Manila after it won in the Manila Electric Co.’s (Meralco) competitive selection process (CSP) for 500MW mid-merit capacity for five years beginning 26 December 2019. The power supply agreement was signed with Meralco on 16 September 2019.

First Gen Hydro, the group’s contracting arm 60 percent owned by EDC and 40 percent owned by First Gen Corporation, was able to offer a lower all-in headline rate of P5.1908 per kilowatt-hour (kWh) and computed all-in levelized cost of energy (LCoE, VAT inclusive) of P5.3989/kWh compared to other competing coal companies.

“Winning this contract is a clear indication that clean, renewable energy, especially one that is baseload or available 24/7 like geothermal, can be priced lower versus carbon-intensive, non-renewable energy sources,” said EDC president and COO Richard Tantoco. “This gives power consumers a more compelling reason to decarbonize our economy by transitioning to RE.”

Power will be supplied by First Gen Hydro and EDC’s Nasulo, Tongonan and Bacon-Manito geothermal facilities.