NextGen Day

As of June 2022, 998 renewable energy (RE) contracts of PHP270.8 billion had been awarded, according to the Department of Energy (DOE).

According to a statement released by DOE on Wednesday, the RE contracts have a combined installed capacity of 5,460.59 megawatts and a potential capacity of 61,613.81 MW.

The largest investments, totaling PHP130.44 billion, were made in solar energy. Wind RE technology comes next, costing PHP52.91 billion, followed by hydropower, biomass, PHP38.16 billion, and investments in geothermal energy, costing PHP10.54 billion.

On September 23, DOE Secretary Raphael Lotilla signed Department Circular No. 2022-09-0030, boosting the usage of RE for on-grid areas from 1 percent to 2.52 percent to draw in more investments in the RE sector.

“More investors and end-users would be encouraged to develop and use domestic energy sources as renewable energy in our power generation mix increases,” Lotilla added.

The growth in RE use in grid-connected locations will start next year.

According to the DOE, the newly approved department circular “requires or encourages electricity suppliers, notably the distribution utilities, to source or create a defined fraction of their power supply from qualifying renewable energy resources.”

According to Lotilla, boosting the use of RE in on-grid areas will push the nation toward energy sustainability.

“Investments from the private sector are essential to attaining our goals and vision for renewable energy. Currently, 22% of the power generation mix comprises renewable energy. By 2030 and 2040, respectively, we want to reach 35 and 50 percent of the market share.

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