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Manila Bulletin devider Business devider DOE pushes regulation framework for offshore wind investments

DOE pushes regulation framework for offshore wind investments

Published Dec 14, 2022 03:29 pm

With the imprimatur of President Ferdinand Marcos Jr., the Department of Energy (DOE) said it will now go ahead in crafting the regulation framework for billion-dollar investments being wooed for offshore wind industry development.

“The President has given the greenlight to proceed and firm up the regulatory framework,” Energy Secretary Raphael P.M. Lotilla told investors in this week’s Energy Investment Forum.

He emphasized that the Marcos administration is very keen on attracting massive investments for offshore wind installations, so the country can maximize the 178-gigawatt (GW) potential of this technology in the Philippine renewable energy (RE) sector.

The energy department has not given specific details though on the tenor of regulation it will be setting out for offshore wind projects, including potential add-on incentives to investors.

To recall, the initial integration of emerging RE capacities, primarily wind, solar, biomass and run-of-river hydro, into the Philippine power mix was first incentivized with feed-in-tariff (FIT) incentives from 2014 to 2019. The expanded market of RE has also been dangled with market perks via the Renewable Portfolio Standards (RPS) policy.

The RPS edict, so far, is seen as a market risk mitigation mechanism for RE investments because that will guarantee revenue stream of project-sponsors by mandating industry participants, like the distribution utilities (DUs), to source certain percentage of their supply from RE-generated capacities.

The RE-based sourcing being enforced on DUs will be 2.52-percent of their supply portfolio, which is an escalation from a prescribed yearly increment of 1.0 percent.

In the case of offshore wind, it is not clear yet if the incentive scheme to be offered will start with FIT or the technology will already be integrated immediately as part of the RPS policy enforcement.

At this stage, the only pronouncement made by the DOE is the planned issuance of an Executive Order (EO) by President Marcos to streamline the permitting processes for offshore wind projects.

Another major policy development set forth by this administration is the amendment to the implementing rules and regulations (IRR) of the Renewable Energy (RE) Act, which now opened the RE sector to full foreign ownership, as sanctioned by a legal opinion issued by the Department of Justice (DOJ) in September this year.

Lotilla stipulated that the demarcated exemptions in the amended IRR of the RE Act had been the utilization of water resource for hydro facilities, as well, as geothermal, which is classified as a mineral resource wherein full foreign participation can only be carried out via financial or technical assistance agreement (FTAA) with the government.

“The sector is now open to 100-percent ownership based on a recent opinion by the DOJ. The opinion accelerates the attainment of President Ferdinand Marcos Jr.’s programs to develop the country’s indigenous and renewable energy,” Lotilla stressed.

Related Tags

#DOE #REGULATION #OFFSHOREWIND #RE #RPS #FIT
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