DOE to hold auction for offshore wind projects in Q3 next year
By Alena Mae S. Flores – December 12, 2024, 7:15 pm
from manilastandard.net
The Department of Energy (DOE) said Thursday it will hold the 5th Round of the Green Energy Auction Program (GEA-5), exclusively dedicated to offshore wind projects, in the third quarter of 2025.
The DOE said in a statement it would soon release the notice of auction (NOA) and terms of reference (TOR), outlining the timeline, procedures and guidelines for GEA-5 participation.
It said the auction marks a significant milestone in the Philippines’ journey toward OSW power generation by 2028.
The agency so far approved 92 OSW contracts, with an aggregate potential capacity of 68 gigawatts, a significant push towards the country’s goal of 50 percent RE share in the generation mix by 2040.
It said that as a cornerstone of the Philippine Energy Plan 2023-2050, GEA-5 exemplifies the government’s unwavering commitment to renewable energy deployment, energy security and the nation’s energy transition agenda.
The GEA-5 is expected to secure market access for OSW developers, ensuring long-term demand for their generation capacities and serve as a timeline guide for stakeholders, including the National Grid Corporation of the Philippines, Philippine Ports Authority, Department of Environment and Natural Resources, Philippine Coast Guard and local government units.
It is also expected to advance the Philippines’ energy transition objectives, helping to diversify the country’s energy mix and reduce its dependence on fossil fuels.
The department is presently evaluating position papers from stakeholders to integrate valuable insights, ensuring a transparent and effective auction process.
According to DOE, the launch of GEA-5 is expected to catalyze the development of offshore wind projects, solidifying the Philippines’ position as a renewable energy leader in the region.
The outcomes of the auction will be vital in setting a clear path for developers and other stakeholders in the OSW industry.
The initiative is also anticipated to generate significant economic benefits, including local job creation and industrial growth within the renewable energy sector, further aligning with the Philippines’ commitment to a sustainable and inclusive energy future.
The DOE reaffirmed its dedication to positioning the Philippines as a global contributor to the clean energy transition With GEA-5 and other green energy initiatives.
