DOE postpones GEAP 2, awaits final reserve price

By Alena Mae S. Flores – June 14, 2023, 7:20 pm
from manilastandard.net

The Department of Energy postponed the Green Energy Auction Program 2 scheduled on June 19, pending the release of the final reserve price by the Energy Regulatory Commission.

DOE Undersecretary Felix William Fuentebella, chair of the GEA-Bids and Awards Committee, issued an advisory rescheduling the auction.

“Consequently, the auction proper including its preparatory (i.e., submission of proof of posting of bid bond) and subsequent activities under GEA-2 shall only be conducted upon the release of the Green Energy Auction Reserve Prices by the Energy Regulatory Commission,” the DOE advisory read.

The ERC previously committed to releasing the GEAR this week. The GEAR prices serve as the ceiling price for the GEAP 2 where the DOE will offer a total capacity of 11,600 megawatts in renewable energy installation target, with 3,600 MW for 2024, 3,600 MW for 2025 and 4,400 MW for 2026.

The ERC set the preliminary GEAR price for different solar technologies: rooftop solar at P4.7156 per kilowatt-hour, ground-mounted solar at P4.2395 per KWh, and floating solar at P4.7565 per kWh. ERC set the GEAR price for wind at P5.9823 per kWh, biomass at P5.1475 per kWh and waste-to-energy at P6.4968 per kWh.