The Central Negros Electric Cooperative said it recently signed a 10-year power supply agreement (PSA) with First Gen, one of the leading providers of clean and renewable power in the Philippines.
The signing ceremony Aug. 8 in Pasay City, capped off the Competitive Selection Process on the procurement of the cooperative’s 20 megawatts baseload power supply requirement, conducted by the Ceneco Third Party Bids and Awards Committee, the power cooperative said.
Under the agreement, First Gen, through its subsidiary, the Energy Development Corporation, will provide 20MW of power supply from renewable energy sources to Ceneco from 2023 to 2033.
Ceneco’s partnership with First Gen will provide affordable, clean, and reliable energy to its consumers. This is in line with the provincial government’s thrust to pursue and develop a diversified green economy and to transition to Reliable, Renewable, Available, Accessible, Affordable and Sustainable Energy in Occidental Negros by 2030 (RRAAASE-ON 2030).
The power supply agreement, aside from being compliant with Renewable Portfolio Standards, will guarantee Ceneco consumers with low electricity costs as the price of energy from renewable sources is not affected by movements in global fuel pricing and foreign exchange, the coop said in a press release Friday.
This will also make 40 percent of Ceneco’s overall contracted supply sourced from renewable energy, it added. ||
