Philippine Energy Sector Ready for 2024, Focuses on Renewables

Energy leaders in the Philippines foresee a sufficient power supply for 2024, although challenges are expected, particularly during summer when demand peaks. Manuel V. Pangilinan, Chairman and CEO of Manila Electric Co., anticipates tight conditions due to the absence of new plants, except for San Miguel’s 1,300-megawatt LNG plant in Batangas City, expected to be operational in 2025. ACEN Corp. CEO Eric Francia confirmed that additional supply should meet the projected economic growth of 5-6%. ACEN, alongside Aboitiz Power Corp., is focusing on renewable energy, developing solar and wind capacities to bolster the power supply. Aboitiz Power Corp. CEO Emmanuel Rubio underscored the need for ample supply but highlighted concerns about electricity costs and transmission capabilities. The Department of Energy (DOE) projects a 5.2% annual increase in power supply to support a 6.5% economic growth rate until 2028, emphasizing a shift towards cleaner, indigenous energy sources to achieve renewable energy targets by 2030 and 2040.