Aside from assurance of stable power supply, consumers would be paying at least P2 less per kilowat hour under a power supply deal between Sarangani Energy Corp. (SEC) and the South Cotabato Electric Cooperative-2 (Socoteco-2).
With supply from Sarangani Energy, electricity rate of Socoteco-2 will be P6.31 per kilowatt hour (kWh), lower than the (current rate) of P8.24 per kWh, from 2017 to 2027, said the Energy Regulatory Commission (ERC).
Socoteco-2 serves General Santos City, Sarangani province and parts of South Cotabato.
The bright news for the power consumers was projected in a decision by the ERC that has approved the Power Sales Agreement (PSA) between SEC and Socoteco-2.
ERC chairman Zenaida G. Cruz-Ducut and, commissioners Maria Theresa A.R. Castaneda and Alfredo J. Non, approved the PSA in a 75-page decision signed on July 30, 2012.
The power supply would be sourced from Sarangani Energy which is building a 120-MW Circulating Fluidized Bed Combustor Boiler Coal-Fired power plant in Maasim, Sarangani .
Under the 25-year PSA approved by ERC, Socoteco-2 would get 70 MW of base load power from the Alcantara Group-led power plant to be built at an estimated cost of US $280 million, with plans to push the stake higher to
200 MW or a total project cost of US$450 million.
Tomas Alcantara, chairman of Alsons Consolidated Resources, Inc., earlier assured that under the SEC-Socoteco-2 power supply deal consumers of Socoteco-2 will enjoy “the benefits of safe, reliable and affordable energy.”
Alcantara said his company remain steadfast in its dedication to building a secure, ecologically sustainable, and prosperous future for the people of Soccsksargen and the rest of Mindanao.