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The First Gen Energy Solutions Inc. (FGES) has agreed to supply the electricity requirement of Iloilo Electric Cooperative 1 (ILECO 1). FGES is the retail energy supplier and electricity aggregator subsidiary of First Gen Corp.

According to Richard Tantoco, the executive vice president and chief operating officer of First Gen and FGES, the power that would be supplied to ILECO 1 will come from its geothermal energy sources.

He said the rates to be offered to the cooperative will be competitive. “Iloilo consumers will soon enjoy competitive power rates while at the same time helping preserve Panay’s fragile eco-system in the midst of threat associated with climate change,” Tantoco said.

For his part, ILECO 1 president Salvador P. Cabaluna said that they are very much aware of the need to achieve the twin goals of keeping competitive electricity rates and at the same time protecting Panay’s environment. He said, “The people of Panay are fortunate to have access to geothermal energy, which offers everyone a win-win solution.”

Energy Development Corp., the Philippines’ largest and the world second-biggest producer of geothermal energy is one of the associates of First Gen, which is the country’s leading clean and renewable energy firm.

Geothermal energy involves harnessing steam from underground reservoirs to generate power that is virtually carbon-free. After using the steam to generate electricity, the water is injected back into the ground, making geothermal energy a renewable resource.

FGES and ILECO 1 have agreed to collaborate and develop initiatives that will benefit ILECO 1 customers by further improving the cooperative’s service levels. The initiatives would be in line with FGES’ approach to deliver customer value “beyond the meter,” said Tantoco.

To help consumers, FGES has developed a range of products and services, like the smart power monitoring system which helps customer reduce their operating costs through energy efficiency.