THE Department of Energy (DOE) said three more rounds of Green Energy Auction (GEA) are set to be conducted until next year.
Under GEA, a special incentive rate for renewable energy (RE) projects will be introduced and auctioned off based on power plants’ ability to run power either as peaking or mid-merit capacity.
GEA reserve (GEAR) prices will be implemented as the ceiling price but players will have to compete and offer the lowest rate in order to secure the incentive.
DOE undersecretary Rowena Guevara said GEA-4 is set to be conducted before the end of the year.
This will involve more than 8,200 megawatts (MW) of RE projects with energy storage system (ESS) components.
GEA-5 is targeted to be launched by mid-next year for a still unspecified volume of offshore wind projects.
Guevara said at an energy forum in Taguig City yesterday the decision to include ESS in one of the GEA rounds is meant to help resolve the variability of RE projects.
