Last week, energy regulators dealt a blow to the National Grid Corp. of the Philippines (NGCP), first blaming them for the failure of a green energy auction and then ordering them to explain project delays. These developments highlight the ongoing tension between energy regulators and NGCP, which is majority owned by Filipino groups and partially owned by the State Grid Corporation of China.
The green energy auction organized by the Department of Energy (DOE) received limited interest from renewable energy firms. Market players criticized the price caps set by regulators as unrealistic, with solar energy firms opting out of the auction due to low price caps. The average market price for solar energy is higher than the cap set by regulators. Consequently, less than the expected amount of bids were submitted.
Interestingly, energy officials blamed NGCP for the lack of bidders in the auction, citing concerns about the company’s transmission facilities. In addition, the Energy Regulatory Commission issued a show cause letter to NGCP, demanding an explanation for project delays.
However, NGCP insiders argue that the regulator’s scrutiny is unwarranted, as many projects have already been completed or are close to completion. They claim that the regulator conveniently ignored projects that were delayed due to pending approval from the ERC.
Given the history between NGCP and energy regulators, it appears that the company’s explanations are falling on deaf ears as regulators continue to tighten their grip on the firm.
—Daxim L. Lucas
Solaire North Set to Open by Q1 2024
The Solaire Resort North, owned by billionaire Enrique Razon Jr., is scheduled to open its doors in the first quarter of 2024. The project is progressing well, with the company already hiring staff for the hotel and casino. Over 4,200 jobs are expected to be created, benefiting the host city of Quezon City.
A career caravan was recently held at Quezon City Hall grounds, attended by city officials and dignitaries. The company has also opened a hiring office at Ayala Malls Vertis North to process applicants.
—Daxim L. Lucas INQ
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
