Guidelines to push geothermal energy investment readied
Officials of the Department of Energy (DOE) will be crafting set of guidelines that shall stimulate flow of investments in the country’s geothermal resource development and power generation.
Energy Secretary Alfonso G. Cusi indicated that he has directed four of his subalterns in the power unit of the department “to prepare a formal directive that would contain initiatives and guidelines on how to promote geothermal energy development and increase its utilization.”
The energy chief stressed “this is the time to sit down and explore ways to support geothermal, because one installation will easily wipe out the 1,000-megawatt installation of solar.”
Cusi qualified that while he is all for the advancement of renewable energy developments, his preference would be technologies that “would help improve the energy security of the country.”
On the propounded investment-enticement guidelines, Cusi said he had given specific instructions to Energy Undersecretaries Jesus Cristino P. Posadas, Felix William B. Fuentebella and Emmanuel P. Juaneza; as well as to Renewable Energy Management Bureau Director Mylene C. Capongcol and Electric Power Industry Management Bureau Director Mario C. Marasigan.
Cusi stated “I would like to issue an order to really look deeply and comprehensively into how we can develop geothermal,” further noting that such had been one of the puzzle that he wants to be untangled in the country’s RE development pathway.
The energy chief emphasized that geothermal energy is into the country’s core competence, hence, it is valuable that focus shall be directed to it – similar to what other countries have been doing. Case in point that he cited is Vietnam, which has been leveraging development on hydro because that is a resource it is richly endowed with.
Cusi reckoned that one downside of geothermal development is high capital cost, but since this will be leaning on an indigenous fuel, it will prove economically viable in the long run. Plus, it is a renewable energy resource that can run baseload so it can provide the power system with high degree of reliability.
“Geothermal power plants may be expensive to develop and may take longer time to build, but it would be able to generate the kind of power that will help sustain energy security of the Philippines in the long term.”
Geothermal energy’s predominance in the country has already been proven – with the country hailed as one of the biggest producers of this energy resource in the world.
“Let’s go for it and regain our previous global standing as one of the top countries in geothermal development,” Cusi said, citing that the Philippines used to be in the highest rank on this sphere.