Geothermal firm offers P0.30 price drop for Negros co-ops

DUMAGUETE CITY—The Energy Development Corp. (EDC) has offered to lower the electric rates of the two Negros Oriental electric cooperatives by 30 centavos per kilowatt-hour starting October amid the fluctuating price of coal-generated power offered by competitors.

Richard Tantoco, EDC president and chief operating officer, told power stakeholders of Negros Oriental province in Friday’s Energy Summit at Bethel Guest House that their offer was in line with their desire to be a “good neighbor” to Negros Oriental consumers.

“Our promise to Negros Oriental consumers is that they will not be able to find a source of power that is cheaper than what we offer,” Tantoco said.

The two electric cooperatives buy power from a coal-fired plant in Cebu province at P5.51/kwh.

But EDC is offering a drop of about P0.30/kwh from their present rate, which will save the electric cooperatives of at least P5.9 million per year, said Juvileo Acabal, general manager of Noreco 1.

They are also offering a prompt payment discount. If the electric cooperatives pay their bills on time, they can buy the power for as low as P4.88/kwh, said Edward Du, president of Negros Oriental Chamber of Commerce and Industry.

The offer was made after EDC inaugurated on Friday its Nasulo geothermal plant in Valencia town.