ENERGY Development Corp. (EDC) said it had remitted P4.16-million electrification funds to the Negros Oriental 1 Electric Cooperative, Inc. (NORECO 1) to benefit the community hosting the Lopez-led company鈥檚 facilities.
In a press release issued late Tuesday, the company said the fund transfer is part of its mandate to turn over a portion of its earnings to its host community in Negros Oriental, where the 222.5-megawatt (MW) Southern Negros geothermal facility and EDC unit Green Core Geothermal, Inc. (GCGI) are located.
The electrification fund is called for under Energy Regulations (ER) No. 1-94, a government policy that requires firms to share one centavo per kilowatt-hour (P0.01/kWh) from their total electricity sales to host communities.
Some P0.005 kWh of the electricity sales will go to the host鈥檚 electrification, which will be remitted to the distribution utility servicing the area. The utility will then open a trust account, and administer the fund.
鈥淲e are grateful for the generosity of EDC and GCGI and for the fast delivery of these benefits. This is a big help in funding crucial projects in our areas,鈥 said NORECO 1 General Manager Jose Jovileo D. Acabal was quoted as saying.
Meanwhile, Norreen G. Bautista, head of EDC鈥檚 corporate social responsibility team in Negros, said that the direct reimbursement of the ER 19-4 benefits allows the firm to 鈥渇orge a stronger partnership鈥 with the communities.
EDC鈥檚 geothermal facilities in Valencia, Negros Oriental, have been running for almost 38 years.
The company has a total installed capacity of over 1,480 MW, which accounts for 20% of the country鈥檚 installed renewable energy capacity. 鈥 Angelica Y. Yang
