The Department of Energy modified the terms of reference for the Green Energy Auction Program 2 to reflect the new submission dates as it moved the auction proper to July 3 from June 19.
It issued bid bulletin no. 4 setting the date of posting the bid bond for GEAP 2 before 12 noon on June 30. The bid bond should be valid until Oct. 1.
Qualified bidders are required to post a minimum bid bond of P1 million per megawatt.
The DOE set the issuance of the notice of award on or before July 12.
This developed after the Energy Regulatory Commission released the final GEA Reserve price for the GEAP 2 last week.
The ERC adjusted the rates to reflect the concerns renewable energy developers raised during the consultations.
It set the GEAR price for ground-mounted solar at P4.4043 per kilowatt-hour, rooftop solar at P4.8738 per kWh, floating solar at P5.3948 per KWh, onshore wind at P5.8481, biomass at P5.4024 and biomass waste-to-energy at P6.2683 per kWh.
The issuance is pursuant to the DOE’s Department Circular No. DC2021-11- 0036, providing the revised guidelines for the Green Energy Auction Program, where the ERC will determine the GEAR prices which are the ceiling price offers in the auction.
The DOE earlier said 339 of 378 submissions of registration for different renewable energy technologies from 118 companies were found compliant to participate further in the bidding process for the 11,600 megawatts of offered RE capacities.
It will offer a total capacity of 11,600 megawatts in renewable energy installation target, with 3,600 MW for 2024, 3,600 MW for 2025 and 4,400 MW for 2026.
It said 339 of 378 submissions of registration for different renewable energy technologies from 118 companies were found compliant to participate further in the bidding process for the 11,600 megawatts of offered RE capacities.
The DOE will award the RE facilities to be set up by the winning bidders with 20-year power supply agreements as provided in the terms of reference.
The GEA-2 is seen to encourage more investments in power generation and promote RE growth as one of the country’s primary energy sources.
It will facilitate a transparent and competitive selection of RE facilities to help realize the government’s target of 35-percent RE share in the energy mix by 2030 and 50 percent by 2040.