The new retail electricity supply agreement allows First Gen to provide up to 5.1 megawatts (MW) of electricity to the PSE Tower, sourced from a geothermal power plant in Leyte operated by its subsidiary, Energy Development Corp. (EDC). This marks the continuation of a collaboration that began in 2021, reinforcing both entities’ commitment to sustainability.
“We are pleased to renew our partnership with First Gen as we remain committed to pursuing our sustainability agenda,” said Ramon Monzon, President of the Philippine Stock Exchange Inc. (PSE, Inc.) and a board member of PSE at OBHS.
“Climate change is a very real risk to all of us, and we must do what we can to mitigate our impact on the environment. By ensuring that our place of business utilizes 100 percent renewable energy, we are significantly reducing our carbon footprint.”
Carlo Vega, First Gen chief engagement officer, emphasized that the agreement reflects First Gen’s client-focused approach.
“Each company has different circumstances. We work closely with our partners to support their decarbonization efforts through customized renewable energy solutions,” Vega said in a statement. “We’re proud to help the PSE continue leading as one of the world’s sustainable stock exchanges.”
The 26-story PSE Tower houses the headquarters of PSE Inc., its subsidiaries, trading participants, and other tenants. Its shift back to geothermal power is part of a broader initiative to lower its environmental impact.
First Gen, through EDC, operates 13 geothermal power plants across the country, accounting for around 60 percent of the Philippines’ geothermal capacity with nearly 1,200 MW of installed power. It also manages 15 facilities utilizing hydro, wind, and solar energy, contributing over 512 MW to the grid. —Ed: Corrie S. Narisma
