Aboitiz Power Corp. signed an agreement with the International Finance Corp. for an in-depth joint study that will assess the viability of renewable energy (RE) as a source of baseload power in the Philippines.
Baseload power plants are energy facilities deemed to be capable of operating continuously for a long span of time.
Aboitiz Power said the move is also in support of the Philippines’ target of 35 percent share of renewable energy in the country’s overall generation mix by 2030 and 50 percent by 2040.
It is also meant explore a mix of technologies that can potentially displace fossil fuel-based power sources and reduce carbon dioxide emissions.
Aboitiz Power said the study will evaluate hybrid-photovoltaic storage technology and assess the technical and economical viability of generating power from a combination of different RE sources within the context of the Philippines’ baseload needs and energy supply and demand characteristics.
“Thus, we expect this study to be bespoke to the Philippines based on our national resources, our climate and our geography to suit our energy system. … this holds great potential for the future generation of Filipinos and of course, our planet Earth,” said Emmanuel Rubio, Aboitiz Power president and chief executive officer, in a statement.
Aboitiz Power targets to double its capacity to 9,200 megawatts (MW) by 2030, wherein 4,600 MW are targeted for renewable energy projects located both local and overseas.
Total RE capacity as of end-2020 composed of geothermal, hydro, biomass, solar and wind projects was at 7,653 MW equivalent to 29 percent of the mix. Coal-fired power plants remain the country’s leading baseload source with a total capacity of 10,944 MW equivalent to 42 percent of the power mix. – Jed Macapagal
