DOE: Third Green Energy Auction Set for Completion by Year-End

Published: October 10, 2024 | Source: GMA Integrated News

The Department of Energy (DOE) announced that the third Green Energy Auction (GEA-3), part of the Philippines’ initiative to boost renewable energy investment, is on track to conclude by the end of 2024. During a Senate hearing on the DOE’s proposed 2025 budget, Energy Undersecretary Rowena Guevara stated that GEA-3 aims to secure over 3,000 megawatts (MW) in pumped storage hydro capacity, with projects expected to be operational within the next five years.

The auction supports the country’s goal of achieving a 35% renewable energy share in its energy mix by 2035 and 50% by 2040. Senator Pia Cayetano noted that many investors are eager to participate, emphasizing that these developments could address concerns about renewable energy storage.

The GEA-3 will involve non-feed-in-tariff (Non-FIT) technologies such as geothermal and pumped-storage hydro, as well as run-of-river (ROR) hydro. Capacity targets include 3,120 MW for pumped storage hydro, 699 MW for impounding hydro, and 380 MW for geothermal, with deliveries slated between 2024 and 2030. The auction for ROR hydro technology will involve around 200 MW, expected to begin in 2026.