Investments totaling P87 billion were logged by the Department of Energy (DoE) from the 205 contracts already awarded for prospective developments of various renewable energy resources, but hurdles to implementation have yet to be addressed.
The updated figure has been presented by energy officials in a hearing called for by the House committee on energy this week.
In documents furnished to Congress, the energy department indicated that of the total contracts awarded, 33 are existing; 163 are classified as pre-development contracts; and nine contracts already reached development stage.
Despite the influx of prospective investments, the DoE acknowledged that renewable energy is still considered an expensive option especially in a country which have budget-conscious consumer base.
The answer to cost concerns as packaged by policymakers and regulators then would be to push for a 20-year levelized subsidy scheme via the proposed feed-in-tariff. And to stimulate expanded investments in RE, there are also provisions in instituting renewable portfolio standards.
Nevertheless, it was stipulated that “the government should also not allow unrestrained expansion of renewable energy investments because the sector is subsidized” and also to avoid depletion of specific resources.
The chunk of proposed RE projects are a mix of the traditional technologies, like hydro and geothermal; while emerging technologies have more on wind and biomass. The energy department though noted an increasing interest in ocean thermal energy resource development.
On the filing for FIT, the National Renewable Energy Board (NREB) recently asked for 60-day extension or until around October this year to lodge an application for levelized feed-in-tariff. Most RE developers are waiting for the approval of the FIT Allowance (FIT All), a universal charge-like added component in the electric bills before taking their respective project blueprints from the drawing board and into implementation phase.
According to the energy department, the corresponding FITs for wind and solar projects are still high, hence, the need to come up with a formula to soften the final number so it will not eventually come out punishing to consumers. –MYRNA M. VELASCO, Manila Bulletin
Invoke Article 33 of the ILO constitution
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