Allocation for funds is a must for RE development in 2024— EECP


The European Chamber of Commerce of the Philippines (ECCP) Renewable Energy and Energy Efficiency Committee discussed the prospective energy projects in the pipeline for 2024, including a Greenlane Certification that would aid in securing permits for projects.

Certified RE projects will get the aid of the Department of Trade and Industry (DTI) in completing the necessary permits. 

Furthermore, Atty. Jay Layug, the co-chairman of the committee, said that Php 24 billion worth of renewable energy (RE) projects had been endorsed for Greenlane. The committee then remarked that the majority of these projects are offshore wind projects, with the government targeting the first offshore wind project to be fully operational by 2028.

However, the committee added that the government needed to allocate some of its resources to develop the infrastructural facilities that come with these projects, such as a stable transmission line and the building as well as the upgrading of the port.

Additionally, with the national renewable energy program in place, all utilities are now highly encouraged to source power from RE suppliers.

“All utilities are required to source their power a certain percentage from RE suppliers…That’s why the government now is telling you, please reach out to these distribution utilities so that they can enter into power supply agreements with you. They are targeting 1.5 trillion pesos for new projects,” said Layug.

Another topic that surfaced was nuclear energy as the government had been continuously looking into other resources. 

“As you know, the energy industry has become so dynamic because all kinds of technologies are coming along. And part of that is because we are short in power. So we have to make sure we build power plants,” Layug added. 

The committee added that in considering nuclear power, safety should be the utmost priority. With the country being plagued with earthquakes, its building site is something that should be taken into consideration. 

Aboitiz Power Corporation, which was in the meeting, said that they had been collaborating with different companies to mitigate risks in the nuclear scene, especially when it comes to volatility.

“We need to attract more investment. We need cheaper power. So it’s a balance between all three, not going too far in one direction,” said AboitizPower vice president for commercial strategy, sales, and engagement David Aboitiz.