Updated:2025-02-17 05:59Views:
Department of Energy (DOE) | INQUIRER FILE PHOTO
MANILA, Philippines — The Philippines’ renewable energy market may have seen its best year yet in 2024, as the government recorded a historic power generation capacity expansion with more clean power injected into the national grid.
The Department of Energy (DOE) said Tuesday that the local industry saw “record-breaking capacity additions” last year, reaching 794.34 megawatts (MW) of new clean energy capacity.
Article continues after this advertisementThis even surpassed the three-year aggregate capacity of 759.82 MW that went online in 2021, 2022, and 2023.
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Thanks to the increasing share of renewables in the power generation mix, the DOE said the additional capacities have led to “a more stable and secure energy supply for Filipino consumers.”
Article continues after this advertisementAccording to Energy Secretary Raphael Lotilla, the booming sector was the result of the government’s efforts to “advance” the shift to clean energy through policy reforms, particularly focused on facilitating the ease of doing business in the country.
Article continues after this advertisementThe energy chief noted the Energy Virtual One-Stop Shop System, the online platform for permits’ processing of energy projects, as one of the regulatory enhancements.
Article continues after this advertisementLotilla also said the DOE is closely monitoring crucial transmission lines for the smooth flow of renewable energy capacity. Aside from government interventions, the DOE also said technology costs, such as those for solar panels, have been “declining.”
This, in turn, supports the deployment of more clean energy facilities across the country.
The speech, which comes a little over a month before the ruling Labour Party’s first detailed budget, will be closely watched by investors amid fears of tax hikes.
slot deposit shopeepay Article continues after this advertisementThe government is aiming to increase the renewable energy share in the power mix to 35 percent by 2030 and 50 percent by 2040. Currently, it is pegged at 22 percent.
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