Energy Development Corp’s(EDC) stock was a projected as a good buy by Accord Capital Equities Corp as long as demand for renewable and alternative energy sources increases.
The Philippine Renewable Energy Law, which was signed last Tuesday, was hailed as a big boost to the country’s program for energy self-sufficiency by the Philippine Independent Power Producers Association (PIPPA).
The PIPPA are a private group of power generators who supply energy to the national grid. Most of them operate diesel fuel based power plants. Some sectors credit the PIPPA for the reason why energy prices are high in the Philippines, mostly because of clauses in their contracts that guarantee for their electricity to be bought even when there was no demand.
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Tuesday is the day that President Gloria Macapagal Arroyo will sign into law the much anticipated Renewable Energy (RE) Bill. Dubbed as the Renewable Energy Act of 2008 it gives incentives to investors and energy producers to build renewable energy power plants instead of fossil fuel based ones. And with Philippine power demand targeted to overrun the country’s power supply by 2010, it would be ideal to meet that demand with renewable energy.
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Mark Z. Jacobson, a professor of civil and environmental engineering at Stanford, conducted a study on alternative energy and in his findings he discovered that Wind technology would be the best long term energy solution for the United States. The study also pointed out that biofuels (particularly ethanol) causes more harm to human health, wildlife, water supply and land use than current fossil fuels.
Wind was by far the most promising, Jacobson said, owing to a better-than 99 percent reduction in carbon and air pollution emissions; the consumption of less than 3 square kilometers of land for the turbine footprints to run the entire U.S. vehicle fleet (given the fleet is composed of battery-electric vehicles); the saving of about 15,000 lives per year from premature air-pollution-related deaths from vehicle exhaust in the United States; and virtually no water consumption. By contrast, corn and cellulosic ethanol will continue to cause more than 15,000 air pollution-related deaths in the country per year.
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Total (Philippines), the Small Philippine Oil player, mentioned their worry on whether the public will warm up to the idea of buying fuel with bioethanol mixed in them. Managing director Anna Whitehouse said to reporters that “The law tells us to do it, but the law doesn’t tell you to buy it.” Under the Philippine Biofuel Law, Oil companies are required to mix a certain percentage of their fuel with biofuels.
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