Philippines believes renewable energy can cut its exorbitant power prices

The country with Asia’s most expensive electricity waxes optimistic about meeting its renewable energy goals.

Philippine President Benigno Aquino III told business leaders that the government's renewable energy capacity target of 15,400 megawatts by 2030 could be achieved much earlier than expected.

"Together with the installed capacity already of about 5,000 megawatts, it seems to be a clear path already to attaining that needed energy by 2030 even in the next perhaps three to four or five years," he said.

He noted that approved service contracts in line with the National Renewable Energy Program (NREP) amounts to about 7,067 MW. Pending applications total 3,771MW.

He was optimistic that an increase in installed generation capacity will help cut the prices of electricity, currently Asia’s most expensive.

Aquino admitted that high electricity prices remains a problem that will be addressed, however, by amendments to the Electric Power Industry Reform Act (EPIRA) that he hopes the Philippine Congress will pass this year.