Alternergy Holdings Corporation announced a strong desire to engage in the forthcoming rounds of the Green Energy Auction (GEA) as part of its ongoing portfolio expansion.
In a report by Inquirer, Alternergy president Gerry Magbanua said that the firm is looking forward to the GEA 3 and 4.
Magbanua added that Alternergy is coordinating with the Department of Energy (DOE), the Energy Regulatory Commission (ERC) together with other stakeholders to guarantee that all policies and bidding mechanics are clear and in place.
In July 2024, Energy Undersecretary Rowena Cristina Guevara announced that two green energy auctions would take place in the latter part of 2024, offering around 11,000 megawatts (MW) of renewable energy capacity.
The third auction (GEA-3) will focus on 3,000 MW, targeting geothermal, impounding hydro, and pumped-storage hydro projects. Meanwhile, the fourth auction (GEA-4) may include 8,200 MW.
The Alternergy president stated that they are examining whether GEA 3 prices will be more appealing depending on what prices are made readily accessible, stressing the need for reasonable prices.
Magbanua, like other industry stakeholders, noticed GEA-2’s performance in 2023, when just 3,580.76 MW of committed capacity was awarded, far less than the 11,600 MW on offer. The perceived low incentives set by the ERC were cited as a key reason for the gap.
The Green Energy Auction Program (GEAP) is a government initiative aimed at increasing the share of renewable energy (RE) in the Philippines’ power generation mix to 35% by 2030, up from the current 22%.
