Lopez renewable energy company Energy Development Corporation (EDC) welcomed the recent pronouncements of the Department of Energy (DOE) to intensify the development of geothermal energy in the Philippines as part of its thrust toward promoting renewable energy and attaining the targeted 35% mix in the country’s energy portfolio.
“We highly welcome the DOE’s recent directives to explore and maximize geothermal energy sources in the country, and especially to reclaim our rightful place in the global energy sector as one of the top producers of geothermal energy,” said Marvin Bailon, EDC’s head of business development, trading and marketing.
EDC is the world’s largest vertically integrated geothermal energy company, with technical expertise in wet steam field technology since 1976. It is also currently the country’s largest RE maker, providing 42% of the Philippines’ total generated RE output and around 11% of overall electricity demand with its total installed capacity of 1,473.3 MW. Bulk of its portfolio is geothermal energy at 1,179 MW, accounting for 61% of the country’s total installed capacity for the energy source.
Other sources in EDC’s clean energy portfolio include 150 MW of wind, 132.5 MW of hydroelectric and 11.97 MW of solar energy.
“We affirm the Secretary’s strategy of utilizing readily available and abundant clean, renewable resources that our country has in addressing our energy situation,” added Bailon. “This has been the position of EDC ever since and the driving force behind our faith in geothermal as the most reliable and clean baseload power that can provide energy 24/7, with little to no adverse impact on the environment at that.”
According to Bailon, the current COVID-19 pandemic has highlighted the need to pivot to RE. “COVID-19 makes us realize that the world can turn on us at any time. While it is a health crisis that we are addressing right now, we should not forget to intensify efforts in averting an impending environmental crisis. We need to do this now for the benefit of future generations.”
Strides have already been achieved in making renewable energy such as geothermal available to the retail electricity market, starting with customers that have a power requirement of at least 750KW. “These Customers are now able to choose more sustainable, but still cost competitive sources of power. Over the past year, we have seen an increase in customers going for geothermal energy as part of their sustainability plans,” said Bailon.
“Most of these companies are local and international companies who are working to reduce their carbon footprint. We are delighted that we are able to help them in attaining their sustainability goals.”
“Prioritizing RE will not only help the country become more resilient to energy challenges as it is indigenous, but will also help the economy attract more companies and investors who are making the pivot toward sustainable and ‘green’ practices in their business operations,” he concluded.