Thursday, 21 October 2010 11:59
ABOITIZPOWER, through wholly owned subsidiary, Therma Marine, Inc. (TMI), answers Davao del Norte Electric Cooperative’s (DANECO) need for reliable power. DANECO, with its head office in Tagum City, serves the provinces of Davao del Norte and Compostela Valley.
"Our supply of power to DANECO, our host community for the Mobile 1 power barge, will serve as a form of insurance to meet the needs of the rapid growth of the Tagum area. Because diesel power is more expensive than the current supply from Mindanao hydros, we structured the contract to have a fixed and a variable portion. This way, the more expensive energy is only drawn as it is needed, thereby minimizing the impact to DANECO's consumers," said AboitizPower Sales, Trading and Marketing SVP Miguel Aboitiz.
TMI COO Jovy Batiquin and DANECO Board President Dean Briz signed the power supply agreement at the DANECO Board Room on October 13. AboitizPower Sales, Trading and Marketing SVP Miguel Aboitiz and DANECO General Manager Nelson Balangan stood as witnesses. The agreement will be effective for a year, starting on the date when the Energy Regulatory Commission will approve the proposed rate and AboitizPower can begin supplying power.
AboitizPower commits to provide DANECO up to 10 megawatts (MW) anytime that it requires supply. Power supply will be sourced from TMI’s power barge in Maco, Compostela Valley, which currently has a capacity of 100 MW.
"Our contract with TMI aims to normalize the power supply needed by DANECO. In the same way, it will continue to propel the development momentum of Davao del Norte and Compostela Valley provinces. DANECO, through the initiative of its management and board of directors, is making this bold move to be the First Cooperative in Mindanao to sign with TMI and work towards finding a solution to our power supply problems," said DANECO Board President Dean Briz.
TMI owns and operates the power barges in Maco, Compostela Valley and Nasipit, Agusan del Norte. These power barges deliver 200 MW of electric power to the Mindanao grid. This capacity can supply electric power to around 200,000 households.
AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, retail and power services. It is a major producer of renewable energy in the country with several hydroelectric and geothermal assets in its generation portfolio. The non-renewable portfolio consists of plants throughout the country. The distribution utilities it owns and operates are located in Luzon, Visayas and Mindanao.
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