From PHP 630 billion industry this 2023, the Philippine energy sector is anticipated to soar to more than PHP 7.6 trillion by 2040, the Energy Regulatory Commission (ERC) said.
In a report by the Manila Standard, ERC Chairperson Monalisa Dimalanta said they have approximately 300 personnel in the commission that are regular or plantilla, augmented by around 200 contractual personnel but all 500 plus five of us commissioners, looking after this matter.
Currently, 28,496.815 megawatts (MW) from 231 generation companies with 600 power plants, and 141 distribution utilities valued at P160.4 billion are being overseen by ERC.
Also under ERC supervision is a one transmission concessionaire with P357.7 billion in total equity, 123 retail electricity suppliers with 4,118.4 MW capacity, and 449 participants in the electricity market.
Of the Php 7.6 trillion, this includes PHP 5.8 trillion in investments that will come from investments in offshore wind and other technologies by 2040.
Under the 2020-2040 clean energy scenario by DOE, the sector strives to increase the RE share in the power generation mix to 35 percent by 2030 and 50 percent by 2040.
By 2040, an additional 52,826 MW of RE capacity consisting of 27,162 MW from solar projects, gas at 18,859 MW, wind at 16,650 MW, hydro at 6,150 MW, geothermal at 2,500 MW, and biomass at 364 MW are expected to contribute in the energy grid.