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Manila Bulletin devider Business devider Government to fast-track renewable energy investments for cheaper electricity

Government to fast-track renewable energy investments for cheaper electricity

Published Feb 23, 2024 08:51 am

The government sets its eye on expediting more energy-related investments to attain low electricity prices, the National Economic and Development Authority (NEDA) said.

NEDA Secretary Arsenio M. Balisacan reiterated their commitment to address issues in the energy sector, including the inconsistencies in power supply and the transition to renewable energy (RE).

“We must ensure that our energy sector can cater to the increasing demand of our growing economy, or else risk discouraging investments in sectors or industries that produce high-quality employment, such as manufacturing,” Balisacan said during a forum hosted by the SN Aboitiz Power Group.

“What we need is to catch up with our neighbors, and so the effort of this Administration is to speed up the process of socioeconomic transformation so that we can eventually join our neighbors in the ASEAN in their level of prosperity,” he added.

Based on the NEDA’s website, there is currently one infrastructure flagship project for the energy sector which is the 10.19 billion Agus-Pulangi Hydropower Plant Complex which will be funded through the public-private partnership.

All eyes on RE

Maharlika Investment Corp. President and Chief Executive Officer Rafael Consing Jr. recently said it will make its first investment in the RE sector.

Its board, comprised of nine members including the finance secretary, approved the Maharlika fund’s P125 billion capitalization scheme to be sourced from Landbank of the Philippines and Development Bank of the Philippines.

So far the Department of Energy awarded 1,267 projects with RE contracts which have around 129,000 megawatts.

It aims for the country to use 35 percent RE in power generation by 2030 and 50 percent RE by 2040, according to its 2023-2050 Philippine Energy Plan.

In addition, the first tidal power generation plant will be built in the island of Northern Samar along the San Bernardino Strait which is well-known for its strong marine currents.

The country was recently cited as the fourth most attractive developing economy for clean energy investments following India, China, and Chile, based on the Bloomberg NEF’s Climatescope report.

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