The Asian Development Bank will lend USD31.1 million to support an energy efficiency project in the Philippines, which aim to distribute 13 million energy-saving light bulbs to households and businesses. According to the
, the initiative seeks to save around USD100 million each year in fuel costs. "Put simply, if one million incandescent bulbs are replaced with CFLs at a cost of about USD1.5 million, the electricity demand will be reduced by about 50 MW. The impact on the power system will be the same as building a new 50 MW power station, which costs at least USD50 million, another USD2 million-USD3 million each year to operate, and 3-4 years for construction," Sohail Hasnie, ADB senior energy specialist, said in a statement.