Auctions to bring investments, lower RE costs in PH

MANILA -- A report from Institute for Energy Economics and Financial Analysis (IEEFA) shows that the Philippines could attract USD20-billion investments in renewable energy over the next decade through auctions while it will also lower the cost for consumers and industries.

As the government will introduce the Green Energy Tariff Program (GETP) this year, IEEFA report said the Philippines is “perfectly positioned” to take advantage of improving the auction process to lure more investments and secure low-cost renewable energy for the next 10 years.

“Auctions are setFINANCE ting record-low generation prices globally. In an emerging market such as the Philippines, every dollar saved matters and every opportunity to increase added value matters,” IEEFA Financial Analyst Sara Jane Ahmed said.

In the report, it was cited that India, Brazil, Chile, and Peru have utilized competitive auctions and are expected to surpass the capacity targets, while renewable energy costs to consumers and industries are lower than the forecasted prices.

A similar auction process was rolled out in Cambodia, wherein it attracted 26 initial glob