The Department of Energy (DOE) has announced the rescheduling of the highly anticipated 2nd round of the Green Energy Auction (GEA2) program, pending the final GEA Reserve price issuances from the Energy Regulatory Commission (ERC).
Originally scheduled for June 19, the auction target has been postponed to a yet-to-be-announced new date, as the DOE emphasizes that the auction proper and preparatory activities will only proceed once the GEAR prices are released, expected to be issued by the ERC this week.
Renewable energy (RE) developers have been advocating for higher GEA rates under GEAP 2, citing the need to facilitate the maturation of new technologies such as floating solar power projects.
The Green Energy Auction Program (GEAP) aims to stimulate the growth of RE capacity in the country, aligning with the government’s ambitious targets of achieving 35% RE in the energy mix by 2030 and 50% by 2040.
Under GEAP 2, the DOE plans to auction 11,610 megawatts of renewable energy capacity. This includes 3,590 MW to be delivered by 2024, another 3,630 MW by 2025, and a further 4,390 MW by 2026.
In the previous round, GEAP 1, the DOE only auctioned 2,000 MW of capacity last year.
