Energy Development Corporation Unit Inks Long-Term Power Supply Deal (4-traders.com - Press Release)
Green Core Geothermal Inc. (GCGI), a subsidiary of geothermal leader
Energy Development Corporation (EDC), and the
Capiz Electric Cooperative, Inc. (CAPELCO) on the island of Panay, signed an amendment to their
Power Supply Agreement (PSA) extending the existing contract until December 2040. GCGI and CAPELCO agreed on a new price pursuant to the re-pricing provisions and market- based price structure in their original ten-year PSA, which was signed in August 2010.
GCGI in the amended contract also agreed to increase supply from 12 MW up to 15 MW of power for one year starting September 2014 to September 2015, and up to 18 MW starting September 2015 until December 2040.
GCGI operates the 112.5-MW Tongonan geothermal plant in Leyte and the 192.5-MW Palinpinon geothermal plants in Negros Oriental.
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