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Manila Bulletin devider Business devider Trade & Industry devider ERC sets ₱10.39-per-kWh price cap for offshore wind auction

ERC sets ₱10.39-per-kWh price cap for offshore wind auction

Published Dec 15, 2025 12:00 am  |  Updated Dec 13, 2025 03:45 pm
The Energy Regulatory Commission (ERC) has approved a reserve price for the Department of Energy’s (DOE) offshore wind auction, despite the tight holiday schedule.
In a briefing, Sharon Montañer, ERC Director for Market Operations, said that the tentative Green Energy Auction Reserve (GEAR) price for fixed-bottom offshore wind projects is set at ₱10.3859 per kilowatt-hour (kWh).
Montañer said this price will serve as the baseline for bidding in the fifth round of the Green Energy Auction (GEA-5) program.
The price cap is mandated by the Electric Power Industry Reform Act (EPIRA), which requires the Commission to determine prices for renewable energy (RE) developments based on factors like the project’s levelized cost of electricity (LCOE) and other pricing model parameters. The GEAR price is typically released alongside the DOE’s Terms of Reference (TOR) and the Notice of Auction (NOA).
The ERC also approved a preliminary formula for a one-time indexation, which will allow for adjustments to the GEAR price based on changes in foreign exchange (forex) rates, inflation, or financing assumptions. Montañer noted the financial model assumes 70 percent of project capital will come from foreign investments, with the remaining 30 percent from local sources. This ratio will be used for any future adjustments.
ERC Chairperson Francis Saturnino Juan hailed the move, saying the auction “is a milestone in achieving the Philippine Energy Plan set by the DOE.”
“This technology will be first in the country with total potential capacity of more than 68 gigawatts (GW),” he added.
GEA-5 aims to install 3.3 gigawatts (GW) of fixed-bottom offshore wind capacity, with project delivery expected between 2028 and 2030.
The drafted price will undergo public consultation from January 5 to 6 next year, with public comments accepted from Dec. 12 to 19. The final price is scheduled to be determined by Jan. 14.
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