The energy sector posted record-setting feats in renewable energy (RE) capacity installed and spot electricity rates in 2024, the Department of Energy said yesterday.
RE capacity additions last year surpassed the total combined RE capacity installed from 2021 to 2023, the DOE said.
In 2024 alone, the country generated 794.34 megawatts (MW) of new RE capacity. This exceeded the combined 759.82 MW installed in 2021 at 230.10 MW, 328.18 MW in 2022 and 201.54 MW in 2023.
The DOE said the net-metering program that involves the installation of rooftop solar facilities, mostly from residential and household customers, also contributed 141 MW from 2015 to 2024.
From 2009 to 2024, RE projects for own-use consumers generated an additional 252 MW.
“The unprecedented growth in renewable energy capacity last year is a testament to the effectiveness of the government’s renewable energy policies and the unwavering commitment of the administration of President Ferdinand Marcos Jr. to chart a more self-reliant energy future for the Philippines,” Energy Secretary Raphael Lotilla said.
Key policy and regulatory enhancements have also contributed to this rapid capacity addition.
“This milestone underscores our collective determination to accelerate the clean energy transition, ‘ Lotilla said.
The DOE targets an increase in the renewable energy share in the power generation mix to 35 percent by 2030 and 50 percent by 2040, Lotilla said.
Meanwhile, the Independent Electricity Market Operator of the Philippines (IEMOP) said in a separate statement on Tuesday that nationwide average price of electricity from the Wholesale Electricity Spot Market (WESM) in January 2025 was the lowest average price recorded since January 2023.
IEMOP said that nationwide average price of power from WESM in January 2025 decreased by 14.3 percent from December 2024 to P2.96 per kilowatt hour (kWh).
The average WESM power price in December 2024 was at 3.45 per kWh, while it stood at P5.76 per kWh in January 2023.
IEMOP said the development was brought about by relatively high supply margin following a low system demand amid cooler temperature last month.
The latest data from the DOE as of end-November 2024 showed the total share of RE installed on-grid capacity comprised of hydro, geothermal, wind, biomass and solar technologies at 9,361 MW. This was equivalent to 31.5 percent of the country’s total on-grid power supply mix at 29,697 MW.
