The Philippine Stock Exchange at One Bonifacio High Street Condominium Corp., the company tasked to manage the Philippine Stock Exchange Tower in Bonifacio Global City in Taguig, has renewed its agreement with First Gen Corp. for direct supply of electricity from a clean and renewable source.
First Gen officials and PSE at OBHS board members signed last March 18 the retail electricity supply agreement wherein First Gen will supply the PSE Tower with up to 5.1 megawatts (MW) of electricity from a geothermal power plant in Leyte owned and operated by subsidiary Energy Development Corp. (EDC).
“We are pleased to renew our partnership with First Gen as we remain committed to pursuing our sustainability agenda. 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,” said PSE president Ramon Monzon.
“By making sure that our place of business utilizes 100 percent RE and through strict adoption of relevant sustainability efforts, the PSE can continue to reduce its carbon footprint,” Monzon said during the signing ceremony.
First Gen chief engagement officer Carlo Vega welcomed the renewal of partnership between the two groups.
“Each company and enterprise have different circumstances, and we make an effort to partner with our customers to help them in their decarbonization journeys, addressing their needs and concerns on how to integrate energy efficiency and RE supply adoption into their operations,” he said.
“We’re proud to work with the PSE to help them achieve their goals and continue to lead as one of the world’s sustainable stock exchanges,” Vega said.
PSE at OBHS initially partnered with First Gen in 2021, and the condominium corporation’s management decided to shift the source of electricity for the PSE Tower back to a First Gen facility running on RE.
The shift was part of broader sustainability initiatives to reduce the PSE Tower’s carbon footprint.
The 26-story tower houses the PSE, Inc. headquarters and its subsidiaries, as well as the offices of its trading participants and a number of other building tenants.
Meanwhile, First Gen owns and operates 13 power plants that run on geothermal energy through EDC, an RE with a distinct advantage over other RE resources for its capability to generate electricity on a 24/7 or baseload basis.
Spread around the country, these EDC geothermal plants have close to 1,200 MW of installed capacity, or roughly 60 percent of the country’s total geothermal power capacity.
First Gen also generates electricity from 15 other power facilities running on three other types of RE resources — hydro, wind and solar — with over 512 MW of total combined capacity.
First Gen owns and operates four other power facilities running on natural gas with a total capacity of 2,017 MW.
