The agro-industrial firm’s initial level of electricity procurement, as stipulated in the contract, is placed at 5.0523 million kilowatt hours (kWh) per year.

The deal was signed by ALINDECO president and chief executive officer Menardo Jimenez and NPC president Cyril C. Del Callar; and witnessed by NPC sales and services vice president Oscar C. Lorico and ALINDECO vice president for finance and administration Orpha M. Noveno.

The reference rate for the contracted energy will be the time-of-use rates of the state-owned power firm earlier approved by the Energy Regulatory Commission.

NPC claimed that its TOU rates still stands as the cheapest being offered in the industry.

ALINDECO recently opened a new P400-million pulp mill plant, wherein it expects to increase production of high quality abaca pulp by 3,000 metric tons annually.

The signing of the supply agreement, it was noted, is underpinned by a previous ERC Order allowing ALINDECO to seek direct connection arrangement with NPC for its power supply.

Del Callar stressed that the deal will ensure ALINDECO that it would have "continuous, reliable and efficient supply of electricity for its operations."

The three-year power supply contract, he added, is also seen showcasing windows of opportunity for some businesses in the province to pursue aggressive expansions.

"The provision of a reliable, efficient and affordable power supply is one of the primary ingredients in promoting economic growth," del Callar added, further noting that Albay’s agro-industrial potential could be one of the components that will help usher in pr