As much as 11,600 megawatts of additional renewable energy (RE) capacity are expected to be completed in the next three years after the Energy Regulatory Commission (ERC) released the final reserve prices for the second Green Energy Auction (GEA-2) program.
GEA-2 covers ground-mounted solar, rooftop solar, floating solar, onshore wind, biomass and biomass waste-to-energy technologies.
The reserve prices will be the ceiling for the GEA-2 to be conducted by the Department of Energy (DOE) wherein interested RE producers will compete for incentivized fixed power rates by offering their lowest bid for a certain capacity.
ERC set the per kilowatt hour (kWh) reserve prices for GEA-2 at P4.4043 for ground-mounted solar; P4.8738 for rooftop solar; P5.3948 for floating solar; P5.8481 for onshore wind; P5.4024 for biomass; and P6.2683 for biomass waste-to-energy.
ERC said the rates were set “after thorough and due deliberation and after careful consideration of the various views and comments submitted by stakeholders and guided by the policy objectives in the Electric Power Industry Reform Act and the RE Act of 2008…”
Under GEA-2, 3,600 MW will run by 2024: 2,025 MW of ground-mounted solar; 1,200 MW of onshore wind; 235 MW of rooftop solar and; 140 MW of biomass.
Another 3,600 MW are targeted to run by 2025: 2,140 MW for ground-mounted solar; 1,170 MW for onshore wind; 260 MW for solar rooftop and; 30 MW for biomass.
DOE targets to attract completed RE investments for 4,400 MW by 2026: 6,715 MW of ground-mounted solar; 3,720 MW of onshore wind; 605 MW of solar rooftop; 300 MW of floating solar; 230 MW of biomass and; 30 MW of waste-to-energy.
DOE data as of end-2022 showed total installed capacity from RE, on-grid and off-grid, is at 8,321 MW equivalent to 28.8 percent of the total 28,932 MW installed capacity for the period.
RE technologies include geothermal, hydro, biomass, solar and wind. Battery systems have total of 96 MW (storage) and 49 MW from hybrid diesel-battery system.
