Philippines’ energy dep’t generates 1,966.93MW RE in auction
The first auction round posted a 98.3% success rate.
The Philippines’ Department of Energy (DOE) has generated 1,966.93 megawatts (MW) of renewable energy capacity in the first auction round under the Green Auction Programme (GEAP), recording a success rate of 98.3%.
In a statement, the DOE said the generated capacities have been committed to delivering energy from 2023 to 2025 “at a competitive price that is lower than or equal to the Green Energy Auction Reserve prices set by the Energy Regulatory Commission.
It added that the resulting green energy tariff of the bidding will set the benchmark price of renewable energy to reflect the current electricity value.
Of the generated capacities, 1,511.18MW will be coming from Luzon in the northern Philippines composed of 80MW hydro, 1,070.38 solar, and 360.8MW wind. A total of 313.2MW will come from the Visayas region in the central Philippines, 300MW of which are solar, and 13.2MW are wind.
Around 142.55MW will be generated from the Mindanao region in the southern Philippines, 120MW are from solar, 19.15MW are hydro, and 3.4MW is biomass.
The department said a Certificate of Award will be released to the winning bidder upon posting of the Performance Bond within the 60-day prescribed period. It said that failure to do so will result in the forfeiture of the award and shall prohibit the bidder from offering the same renewable energy facility in future Green Energy auctions.
The mandated participants of the Renewable Portfolio Standards (RPS) Program will be provided substantial assistance to procure their energy requirements through bidding and ensure compliance with their minimum RPS requirements, through GEAP.