SEOUL, Korea (July 7, 2017) — The Philippines’ Department of Energy (DOE) under Secretary Alfonso Cusi today announced to Asian energy sector players and government officials that the Philippines will require 43,765 megawatts (MW) of additional electricity capacity by 2040.
Represented by Undersecretary Felix William Fuentebella, he told the Korea-Asia Energy Cooperation that the required additional capacity represents a three-fold increase in the Philippines’ demand for energy.
Fuentebella also expounded on the energy policies and thrusts of the administration of President Rodrigo Duterte during the convening of the seminar at the Plaza Hotel in Seoul.
The DOE official briefed the audience of promising investment prospects in the Philippine energy sector.
“To address this need, the Philippines would need 70% base load power plants, 20% medium range power plants and 10% peak load power plants.”
Fuentebella cited the demand for new power plants in areas identified by the DOE in Luzon, Visayas and Mindanao.
Major energy projects were also highlighted in the presentation, such as the Integrated LNG Terminal and Visayas-Mindanao Interconnection Project along with their corresponding costs and projected timelines for completion.
To highlight the Philippines as an attractive destination for energy investors, Fuentebella announced that President Duterte recently signed Executive Order No. 30 giving priority status to energy projects.
Under E.O. 30, an Energy Investment Coordinating Council was created to streamline regulatory procedures affecting energy projects of national significance.
The EO also reduced to 30 days the processing time for applications for energy-related undertakings and projects.
In the open forum, the DOE official said the Philippine government is open to looking at micro-grids to augment the energy supply given the country’s archipelagic location.
He said the DOE would soon release guidelines pertaining to the Green Energy Option.
Following the seminar, several Korean companies expressed interest in exploring energy investment opportunities in the Philippines.
Fuentebella provided a comprehensive overview of the Philippines’ primary energy mix, energy demand and supply outlooks from 2016-2040 as well as strategic directions. ###doeph
