The Philippines could attract $20 billion of renewable energy investments over the next decade through the use of auctions in and beyond the Energy Department’s proposed Green Energy Tariff Program.
The assessment comes from a new report by the Institute for Energy Economics and Financial Analysis, which conducts research and analyses on financial and economic issues related to energy and the environment. The institute’s mission aims to accelerate the transition to a diverse, sustainable and profitable energy economy.
The report, Paying Less for More-How Auctions Can Transform the Philippines Power Sector, provides the means to improve the auctions process to enable global capital uptake of 20 gigawatts (20,000 megawatts) of new power with a potential investment value of $20 billion.
The report came out as the department positions itself to heed the President’s call for more low-cost renewable energy through its proposed Green Energy Tariff Program.
The program would establish pricing for solar, wind and other renewable energy. The program also aims to promote competition and attract more investments in the green energy sector.