The National Transmission Corporation (TransCo) revealed it paid qualified renewable energy (RE) developers feed-in tariff (FIT) claims totaling Php 164 billion since 2015.
Manila Standard reported that TransCo supervised the FIT fund as required under the Renewable Energy Act of 2008 and according to TransCo officer-in-charge and Vice President Dinna Dizon, eligible RE developers are entitled to an average of Php 23 billion a year.
The act established a system where developers who produce electricity from solar, ocean, wind, hydropower, run-of-river, and biomass would receive FIT. This law also guaranteed all qualified RE plants a privilege of FITs for 20 years.
Dizon added that TransCo was also the one that settled and administered payments under the Green Energy Auction Program (GEAP) which was instituted by the Department of Energy (DOE).
Additionally, TransCo is awaiting a petition with the Energy Regulatory Commission (ERC) for the 2024 FIT-All rate, a standardized fee amounting to Php 0.0867 per kilowatt-hour (kWh) applicable to all electricity consumers, slightly higher than the current Php 0.0364 per kWh.
Meanwhile, TransCo requested the approval to collect Php 12.079 billion which includes Php 27.166 million for GEAP-eligible plants and Php 12.05 billion for the FIT of the qualified power plants.
ERC recently extended the FIT-All suspension until September 2023 to ease the financial burden on consumers as the cost of electricity continues to increase.
