DOE moves GEAP 2 auction to July 3

DOE logo 2023

The Department of Energy (DOE) has moved the auction proper of the Green Energy Auction Program 2 from June 19 to July 3, following a modification of its terms of reference. 

In a  report by the Manila Standard, the Energy Department released bid bullet no. 4, which specifies that the bid bond for GEAP 2 should be posted before noon on June 30 and remain valid until October 1. 

Qualified bidders must submit a bid bond of at least Php 1 million per megawatt (MW). The DOE will also announce the notice of award by July 12.

The Energy Regulatory Commission (ERC) announced the final GEAReserve price for the GEAP 2 last week.

The ERC adjusted the rates to address the concerns raised by the developers. The revised GEAR prices are as follows: ground-mounted solar at Php 4.4043 per kilowatt-hour (kWh), floating solar at Php 5.3948 per KWh, rooftop solar at Php 4.8738 per kWh, biomass at Php 5.4024 per KWh, onshore wind at Php 5.8481 per KWh, and biomass waste-to-energy at Php 6.2683 per kWh.

In compliance with the DOE’s Department Circular No. DC2021-11-0036, which provides revised guidelines for the GEAP, the issuance aligns with the requirement for the ERC to establish GEAR prices as the maximum bid offers in the auction.

Earlier, the DOE confirmed that out of 378 registration submissions from 118 companies for various renewable energy technologies, 339 had been deemed compliant to proceed with bidding for the 11,600 MW of offered RE capacities.

The RE installation target will comprise a total capacity of 11,600 MW, with 3,600 MW allocated for 2024, 3,600 MW for 2025, and 4,400 MW for 2026.

The winning bidders will be granted a 20-year power supply agreement by the DOE, according to the terms of reference.