Central Negros Electric Cooperative has signed a 10-year power supply agreement with First Gen, one of the leading providers of clean and renewable power in the Philippines, CENECO announced on Friday, September 1.
The signing on August 8 the conclusion of the Competitive Selection Process on the procurement of the cooperative’s 20 megawatts (MW) baseload power supply requirement conducted by the CENECO Third Party Bids and Awards Committee, a press release from the cooperative said.
Under the agreement, First Gen through its subsidiary, Energy Development Corporation, will provide 20 MW of power supply sourced from renewable energy resources to CENECO from 2023 to 2033.
CENECO’s partnership with First Gen will provide affordable, clean and reliable energy to its consumers, the press release said.
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, it added.
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 resources is not affected by movements in global fuel prices and foreign exchange, CENECO said.
This will make 40 percent of CENECO’s overall contracted supply sourced from Renewable Energy, it added.*