The Department of Energy (DOE) said the third round of Green Energy Auction (GEA-3) received 14 projects offering to generate power from various sources from this year until 2035.
Their combined offered capacity could reach as much as 7,530.887 megawatts, exceeding the 4,650 MW target, the DOE said.
The 14 projects would undertake technologies such as impounding hydro, pumped-storage hydro (PSH) and geothermal, with delivery period from 2025 to 2035.
From a previously identified 21 bidders for GEA-3, only 14 projects proceeded with their offers, three withdrew prior to the auction, another three did not qualify due to non-submission of required documents, the DOE said. Another one did not submit an offer.
The agency added that the GEA-3 bids included impounding hydro projects in Luzon, Visayas and Mindanao, with an installation target of 300 MW but with an offered capacity of 550 MW.
Meanwhile, lot 1 of PSH projects in Luzon has an installation target of 2,000 MW but its actual offer reached 2,500 MW while lot 2 of PSH projects in Luzon had an installation target of 2,000 MW, against its offer of 4,200 MW.
GEA-3 also garnered bids for the third lot of PSH projects in Visayas, with an installation target of 250 MW and actual offered capacity of 250 MW.
Geothermal projects to be located across the country had an installation target of 100 MW but only 30.887 MW were offered by the developers.
The DOE did not give details about the identities of the project proponents, saying the auction process was ongoing.
The agency said the list of winning bidders will be posted on the DOE website once the Energy Regulatory Commission (ERC) has completed its review of the price offers.
The bids were ranked based on offers from the lowest to the highest bid price, and stacked corresponding to the respective RE technology until the installation target is met.
The certificate of award will then be released to the winning bidder upon complete submission of the post-auction documents and affirmed in order.
Under the current setup of GEA, interested RE producers will compete for incentivized fixed power rates by offering prices that are lower than or equal to reserve prices set by the ERC.
