Bilyonaryo - Business

24 groups join gov’t auction for 2,000MW renewable energy capacity

The Department of Energy said 24 power firms participated in the auction for the country’s 2,000-megawatts of renewable capacity requirement held last Friday.

DOE’s Green Energy Auction Bids Evaluation and Awards Committee conducted the Green Energy Auction Program (GEAP) through an electronic bidding platform.

Eight companies submitted bids for solar, eight for wind, seven for run-of-river hydro, and one for biomass.

The regulator approved a GEA Reserve (GEAR) rate of P3.6779 per kilowatt-hour for solar, P6.0584 per KWh for wind, P5.0797 per kWh for biomass, and P5.4913 per KWh for run-of-river hydro.

DOE is set to award the winning bids within the month.

Energy Secretary Alfonso Cusi said the first GEAP “is a significant step in encouraging more power generation investments in renewable energy while protecting the interest of Filipino consumers – a testament to the country’s commitment of developing indigenous and clean sources of energy at competitive prices.”

According to the DOE, the auction will be conducted annually.

RE players who failed to participate in the first auction round can file their intent in the succeeding auction rounds.