DINGRAS, Ilocos Norte—The firm tasked to study the establishment of another hydro power plant said the Ilocos Norte Electric Cooperative stands to gain “green credits” should the company adopt the project in Ilocos Norte. Engr. Avelino Garcia, who submitted his final report to INEC, said the so-called green credits are given to groups who are able to put up environment-friendly facilities like hydro power plants. He said the green credits come in the form of certificates which could be converted to an equity in the amount of P5.785 million to P11.212 million annually. He said the demand for hydro power plants in the world have gone up more than foul-folds due to the project’s financial and environmental benefits. The INEC board of directors has indicated its willingness to give the green light for the project as long as the economic and financial benefits could trickle down to power consumers. INEC board president Lorenzo Rey Ruiz said the board will review the report and come up immediately with its recommendation. “We are aware of the project’s viability. We only have to make sure that consumers would equally feel the benefits that would come out from it,” Ruiz said. For his part, Engr. Renato Balintec, INEC’s general manager, voiced his concern over whether the coop could raise the amount needed to shore up the project. “We will present the study to our debt providers then come out with a decision after we have secured the necessary approval,” he said. INEC is eyeing to erect the hydro power plant in Barangay Pansian in Pagudpud town where a structure had been standing since the 1970s. The 2.3-megawatt plant, which will cost P250 million, will complement the existing mini-hydro power plant that INEC currently operates also in Pagudpud. Power that would be generated from the plant would be sold to consumers at P1 lower than the rates of the National Power Corporation. Cristina Arzadon, (PIA-News Service)
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