THE Department of Energy (DOE) said the 5th Round of the Green Energy Auction (GEA5) exclusively dedicated to offshore wind (OSW) projects will be held by the third quarter of next year.
DOE said in a statement on Thursday the launch of GEA5 will serve as a catalyst to the development of OSW projects, solidifying the Philippines’ position as a renewable energy (RE) leader in the region.
Under the current setup of GEA, interested RE producers compete for incentivized fixed power rates by offering prices that are lower than or equal to GEA reserve prices set by the Energy Regulatory Commission.
DOE said GEA5 is expected to secure market access for OSW developers to ensure long-term demand for their generation capacities. This will serve as a timeline guide for stakeholders, including the National Grid Corporation of the Philippines, Philippine Ports Authority, Department of Environment and Natural Resources, Philippine Coast Guard and local government units, among others.
The agency said it will also advance the Philippines’ energy transition objectives to diversify the country’s energy mix and reduce dependence on fossil fuels.
The DOE is set to release the notice of auction and terms of reference, outlining the timeline, procedures and guidelines for GEA5 participation.
The agency is evaluating position papers from stakeholders to integrate valuable insights and ensure a transparent and effective auction process.
