Tuesday, January 19, 2016

Philippines: Government to Guarantee Power Supply Agreement for 40 MW Montelago Geothermal Project

NEA okays ‘supply deal guarantee’ for Occidental Mindoro electric coop (Manila Bulletin)

The Power Supply Agreement (PSA) to be sealed by Occidental Mindoro Electric Cooperative, Inc. (OMECO) with power providers Mindoro Geothermal Power Corporation (MGPC) and Occidental Mindoro Consolidated Power Corporation (OCMPC) will be underpinned by a guarantee of the National Electrification Administration (NEA).

Emerging Power, Inc. (EPI), the parent firm of MGPC has affirmed the state-run’s approval of its bid for guarantee on their supply deal.

‘The PSA guarantee for OMECO is the first that NEA released under its new Charter,” the Zamora-led firm has noted. NEA’s revised charter is under Republic Act 10531 also known as the National Electrification Administration Reform Act of 2013.”

MGPC is now advancing its planned 40 MW geothermal plant in Oriental Mindoro with a targeted commercial operation date in 2017. It has been part of the electrification agency’s mandate not just to set traction on the government’s electrification program, but also to “act as guarantor for the electric cooperatives’ power purchase transactions with independent power suppliers.”

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