The Department of Energy (DOE) has set to start its second Green Energy Auction (GEA-2) aimed to accelerate the growth of renewable energy (R E) program of the Philippine government.
After serving notice of auction, the DOE announced that GEA-2 will offer a total capacity of 11,600 megawatts (MW) for 2024, 3,600 MW for 2025, and 4,000 MW for 2026, to qualified suppliers willing to participate. However, for GEA-2 the following renewable energy capacities will be auctioned, thus:
– In Luzon, 7,715 MW;
– In Visayas, 2,695 MW;
– In Mindanao, from 2024 to 2026 MW.
Accordingly, the installation targets for years 2024 and 2025 cover ground- mounted and roof-mounted solar, onshore wind and biomass; for 2026 the targets will also include floating and waste-to-energy capacities.
DOE’s issuance of the notice of auction includes the guidelines of the GEA Program stating the terms of reference and the auction round procedures 2o days after the issuance of the notice of auction. Meanwhile, the Energy Regulatory Commission (ERC), will issue the Green Energy Auction Reserve (GEAR) prices and its methodology 30 days after the issuance of the notice of auction.
As expected, the GEA-2 is expected to encourage more investors in power generation, while it pursues to promote the growth of renewable energy as one of the country’s sources of energy by facilitating transparent and competitive selection of R E facilities to support the major goal oof attaining energy security through the entry of new capacities in the grid in a statement released by the DOE.
MY COMMENT:
The Philippines major goal of attaining energy security through the entry of new capacities to the grid has been moving at an encouraging pace through the DOE’s Green Energy Auction Program (GEAP).
The growth of renewable energy accelerates the government’s pursuit of its energy transition goal. I should be recalled that during the GEA-1, in June 2022, a total of 19 contracts were awarded by the DOE to various R E developers
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