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928 renewable energy contracts approved by the DOE
The Energy Department awarded 928 renewable energy contracts with a combined capacity of 30 gigawatts (3,000 megawatts) in May, an official said on Wednesday. Under Secretary of Energy Jesus Cristino Posadas told the Global Hyperscaler Market Forum that the DOE is aggressively pushing for the Philippines to become an energy investment haven. “The Philippines is a middle-income and developing country and its true electricity costs have significantly weakened our ability to industrialize at a faster rate, which is why the Philippine Department of Energy has stopped revolutionizing the country’s energy landscape to transform the Philippines into an energy investment haven, ”Posadas said. “We are proactively pursuing policies and programs that will help us achieve energy security and socio-economic growth in the context of a sustainable and competitive energy future for generations to come,” he said. Posadas said that energy independence and self-sufficiency are essential aspects of building a more efficient, sustainable and competitive power system and that the DOE continues to promote and facilitate exploration, development, commercialization and the use of indigenous renewable energy resources to reduce dependence on imports. fuels. The DOE said that between 2009 and 2020, the country added about 2,339 MW of RE capacity facilities, resulting in total investments of 221.35 billion pesos. In 2020, the share of renewable energies was 29% of the total capacity mix and 21% of the total production mix. “Indigenous energy resources and private sector investments are essential to achieve the country’s renewable energy goals and vision,” Posadas said. “The goal is to achieve a 35% renewable share in the electricity production mix by 2030 and at least 50% by 2040,” he said. The DOE, following the National Renewable Energy Program 2020-2040 as a blueprint for increasing the share of renewables, declared a moratorium on the approval of new coal-fired power plants in October of last year, signaling the transition to establishing a more flexible energy mix. The agency said it would “help build a system that is resilient to structural changes in demand and capable of accommodating new, cleaner and indigenous technological innovations.” Posadas said the DOE has also cleared the full participation of foreign companies in large-scale geothermal projects that have an initial investment capitalization of around $ 50 million for financial and technical assistance agreements. Biomass projects, including energy recovery from waste, are open to 100 percent foreign participation.