PEDC to supply power to PECO in next 25 years
The Panay Energy Development Corp. will supply 65 megawatts of power to Panay Electric Company in the next 25 years starting the first quarter of 2011, based on the electric power purchase agreement signed by the two entities Tuesday in Iloilo City.
Jesus Alcordo, concurrent president of PEDC and Global Business Power Corp., said in a statement the agreement signals the initial step in the stabilization of power supply in Iloilo City, PECO’s service area.
For several months now, PECO has been scheduling rotating brownouts in the city for lack of power supply.
“The rationale behind PEDC is precisely to prepare Iloilo City and Western Visayas for this increase in energy demands and drop in supply,” Alcordo said.
The EPPA agreement was signed by Luis Miguel Cacho, president and chief executive officer, and assistant to the president Randy Pastolero for PECO, and by Alcordo and Jimmy Azurin, senior vice president and chief finance officer, for GBPC and PEDC.
PEDC is constructing a 164-MW coal-fired power plant in Brgy. Ingore in the city’s La Paz district.
“The benefits of signing up with PEDC range from energy security to affordability. We are confident that our end-users will very soon enjoy the fruits of this partnership,” Pastolero said.
The PEDC said its coal-fired plant project, now 70 percent completed and set for initial firing middle of August, will run on a state-of-the-art circulating fluidized bed technology which puts premium on environmental safety.
Cacho said the PECO management is happy to sign the agreement “with the view that brownouts would be a thing of the past and complaints from our consumers reduced to the bare minimum.”*
