Philippines to auction off 8-gigawatt power capacity in push for renewables
Philippines to auction off 8-gigawatt power capacity in push for ... Reuters
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Philippines to Auction Off 8-Gigawatt Power Capacity in Push for Renewables
MANILA, Aug 31 (Reuters) – The Philippines will seek bids from renewable energy developers to install about 8 gigawatts (GW) of geothermal and hydropower supply, in a new round of auctions for green energy projects, a government official said on Thursday.
Target Capacity and Previous Auction
The 8 GW or 8,000 megawatt (MW) target capacity represents the unsubscribed portion of the 11,600 MW of additional supply from solar, onshore wind, biomass and waste-to-energy resources, for which the Department of Energy had sought bids at an auction on July 3.
At the time, the developers had subscribed to about a third, or a total of 3,580.76 MW, citing a tight timeframe for installation and concerns about power transmission issues. The government had wanted the additional supply to be available within the next three years.
Upcoming Auction and Government’s Response
The department is looking to issue the notice of auction and guidelines in November. It will be the third bidding round under its Green Energy Auction programme, assistant secretary Mylene Capongcol said at an industry forum.
The government is working to address the issues raised by developers, she said.
Renewable Energy Goals
In 2022, several renewable energy developers were awarded contracts to install a total of 2,000 MW in the first tariffs-based auction under the programme.
The Southeast Asian country, which wants to increase the share of renewables in its fossil fuel-dominated energy mix to 35% by 2030 and to 50% by 2040, from 22.8% last year, has allowed full foreign ownership in the renewable energy sector.
Interest from Investors
Foreign and local investors, including some of the Philippines’ biggest conglomerates that currently operate coal-based power plants, have expressed an interest in investing in the country’s alternative energy business.
Reporting by Enrico Dela Cruz; Editing by Kanupriya Kapoor
Our Standards: The Thomson Reuters Trust Principles.
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 13: Climate Action
- SDG 17: Partnerships for the Goals
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning
- SDG 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, the following indicators can be used to measure progress towards the identified targets:
- Installed capacity of geothermal and hydropower supply (in GW)
- Percentage increase in the share of renewables in the energy mix
- Number of renewable energy projects awarded through auctions
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | SDG 7.2: Increase substantially the share of renewable energy in the global energy mix | Percentage increase in the share of renewables in the energy mix |
| SDG 13: Climate Action | SDG 13.2: Integrate climate change measures into national policies, strategies, and planning | Number of renewable energy projects awarded through auctions |
| SDG 13.2: Integrate climate change measures into national policies, strategies, and planning | Installed capacity of geothermal and hydropower supply (in GW) | |
| SDG 17: Partnerships for the Goals | SDG 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships | Number of renewable energy projects awarded through auctions |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: reuters.com
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