DoE Extends GRESC for APEC

Makati—(PHStocks)—The Department of Energy (DoE) recently approved a one-year extension of the term of the Geothermal Renewable Energy Service Contract (GRESC) of Aragorn Power and Energy Corporation (APEC), a majority-owned subsidiary of APC Group Inc. (PSE: APC).

The extension, which is allowed under the provisions of the GRESC, was granted to finalize the Pre-Development stage activities necessary for the evaluation of the geothermal resource.

 APEC, together with its partner Guidance Management Corporation (GMC), owns the GRESC located in the Province of Kalinga covering an area of around 26,000 hectares. The area is estimated to have a power generation potential of between 120MW and 200MW.