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Philippines to auction off 8-gigawatt power capacity in push for renewables

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By illuminem briefings

· 1 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below

🗞️ Driving the news: The Philippines is set to launch a new bidding round for renewable energy developers to provide about 8 gigawatts (GW) of geothermal and hydropower supply
• This capacity fills the gap left from a previous auction that sought 11,600 MW of supply but received bids for only about a third of that

🔭 The context: During the auction on July 3, developers subscribed to only 3,580.76 MW of the available 11,600 MW due to concerns about a tight installation deadline and power transmission issues
• The government aims for this additional power supply to be online within three years

⏭️ What's next: The Department of Energy plans to release the notice of auction and guidelines in November, marking the third bidding round under its Green Energy Auction program

📈 One stat: The Philippines has set ambitious goals to boost renewables in its energy mix - aiming for a jump from 22.8% last year to 35% by 2030 and 50% by 2040

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