Greener

The erratic movement of oil prices the last two weeks should convince us we need to reduce dependence on imported fossil fuels for our energy needs. Renewable energy will not only bring price predictability; it is also good for the planet.

- ALEX MAGNO

Fortunately, this country decided early on to transition to green energy. We have opened the field to investments and rode the crest of new technologies that bring down the cost of power.

Over the next couple of years, the Philippines could achieve 30 percent renewable energy (RE) status ahead of schedule. The Third Green Energy Auction (GEA 3) conducted by the Department of Energy assures this.

GEA 3 will unleash a massive 6,677.2 MW of electricity generated from hydroelectric power projects and geothermal power plants. This is sufficient to keep our power grids supplied and meet the needs of a growing economy into the medium term.

GEA 3 assures investors of government's commitment to continue on with the energy transition. It encouraged an impressive stream of projects that will alter our nation's energy mix in the decades to come.

Among the winning bidders in the DOE-administered auction are major players in pumped-storage and hydroelectric development. The most notable of these are: Olympia Violago Water and Power Inc. that was awarded the 600 MW Wawa Pumped-Storage Project in Rizal and the Ahunan Power Inc.'s 1,400 MW Pakil Pumped-Storage Project in Laguna.

In addition, Pan Pacific Renewable Power Philippines Corporation was awarded three hydroelectric projects in Apayao: the 150 MW Gened 1 and the 150 MW Gened 2 power plants along with the 2,000 MW Maton Pumped-Storage Hydropower Project.

Meanwhile, Coheco Badeo Corporation confirmed acceptance of the 500 MW Kibungan Pumped-Storage Hydropower Project in Benguet.