All available sources of power should be operational to surmount the headwinds facing the energy sector this year, according to Aboitiz Power Corp.
Aboitiz said the country should also be open to all technologies to ensure continuous provision of electricity.
“We continue to advocate for a just, timely, and well-managed energy transition that leaves all options on the table and prioritizes energy security and the alleviation of energy poverty,” said Emmanuel Rubio, Aboitiz Power president and chief executive officer, in a statement yesterday.
Aboitiz Power said the power sector will be challenged by global supply chain uncertainties due to geopolitical events; the risk of unavailable and insufficient transmission infrastructure; and the anticipated effects of El Niño on the production output of hydroelectric power plants.
Rubio said local power consumption is projected to increase by 6.6 percent this year which requires 600 to 700 megawatts (MW) of new or freed electricity supply.
“This substantial increase in electricity demand underscores the pivotal role of power generation, transmission and distribution companies in meeting this need. This requires significant infrastructure development, including constructing new power plants (both conventional and renewable), expanding the grid to ensure that power reaches demand centers and improving the services, reach and efficiency of our electric cooperatives and distribution units throughout the country,” Rubio said.
While advocating for the operations of all types of power plants to mitigate energy sector challenges this year, Rubio said Aboitiz Power remains firm on helping advance the country’s goal of having a 50 percent share of renewable energy in the mix by 2040.
Aboitiz Power eyes spending around P190 billion over the next decade for an additional 3,700 MW of RE, growing its capacities to 4,600 MW or three times the company’s current renewables portfolio by 2030.
Close to 1,000 MW of Aboitiz Power projects in wind and solar farms and geothermal capacities are in the pipeline.
For this year alone, Aboitiz Power anticipates the launch of the 17 MW Tiwi binary geothermal power plant in Albay and the 159 MW Laoag solar project in Pangasinan.
A number of projects are also estimated to come online by the end of 2024 to early 2025, including the 44 MW solar plant in Armenia, Tarlac; another 85 MW solar plant in San Manuel, Pangasinan; a 206 MW wind project in San Isidro, Northern Samar in partnership with Vena Energy and Vivant Energy; and the 173 MW solar power project in Calatrava, Negros Occidental.
Aboitiz Power also expects to break ground on a number of renewable energy projects this year such as the 212 MW solar plant in Olongapo, Zambales; the 50 MW Camarines Sur wind project; and the 102 MW Rizal-Laguna wind project in partnership with Vena Energy.
