The Philippines is projected to need an additional 8,000 megawatts (MW) of energy capacity by the end of President Marcos’ term in order to meet the estimated peak demand of 25,000 MW in 2028, according to the Department of Energy (DOE).
Energy Secretary Raphael Lotilla stated that 43 percent of this additional capacity should come from renewable energy sources, while the remaining 57 percent can be sourced from other technologies, including natural gas.
Currently, the country’s peak demand stands at 17,000 MW.
“At this stage, 43 percent is pure renewable energy, but we’re exploring combinations of renewable energy and batteries, where the battery storage is sourced from renewable energy,” Lotilla told reporters.
This announcement comes following President Marcos’ commitment in his second State of the Nation Address (SONA) to increase the share of renewables in the energy mix from 22 percent to 35 percent by 2030 and 50 percent by 2040.
The current energy mix in the Philippines is largely composed of coal, which covers almost 60 percent of the total.
Lotilla acknowledged that retiring existing coal plants is still a challenge for the country, stating that “there is no way of denying that we need them still.”
However, Lotilla emphasized that the growth in power demand will be met by new renewable energy sources. The DOE has already approved 126 clean energy service contracts in the first year of the Marcos administration, with a combined potential capacity of 31,131.74 MW.
Lotilla also highlighted the 3,580.76 MW of committed renewable energy capacities from the DOE’s Green Energy Auction Program as additional sources to meet the demand.
“We also expect other sources to come online by 2028. Technological developments are progressing rapidly, and we hope they continue to accelerate,” he added.
As of June 2023, the Philippines had a total installed power generation capacity of 28,297 MW, with eight new generation facilities becoming operational from July 2022 to June 2023, adding 930.8 MW.
In his SONA, President Marcos mentioned that the country currently has “over a thousand” active renewable energy projects, including solar, wind, hydroelectric, biomass, geothermal, and ocean-powered projects.
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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.
