Lopez-led Energy Development Corp. (EDC) on Thursday welcomed the recent pronouncements of the Department of Energy (DOE) that it will intensify the development of geothermal energy in the Philippines.
EDC said this puts the Philippines on the path to achieving the targeted 35-percent mix in the country’s energy portfolio.
“Prioritizing RE [renewable energy] will not only help the country become more resilient to energy challenges as it is indigenous, but will also help the economy attract more companies and investors who are making the pivot toward sustainable and ‘green’ practices in their business operations,” said Marvin Bailon, EDC’s head of business development, trading and marketing.
“We highly welcome the DOE’s recent directives to explore and maximize geothermal energy sources in the country, and especially to reclaim our rightful place in the global energy sector as one of the top producers of geothermal energy.”
EDC is the world’s largest vertically integrated geothermal energy company, with technical expertise in wet steam field technology since 1976. It is also currently the country’s largest RE maker, providing 42 percent of the Philippines’ total generated RE output and around 11 percent of overall electricity demand with its total installed capacity of 1,473.3 megawatts (MW). Bulk of its portfolio is geothermal energy at 1,179 MW, accounting for 61 percent of the country’s total installed capacity for the energy source.
Other sources in EDC’s clean energy portfolio include 150 MW of wind, 132.5 MW of hydroelectric and 11.97 MW of solar energy.
Strides have already been achieved in making renewable energy, such as geothermal available to the retail electricity market, starting with customers that have a power requirement of at least 750KW.
“Over the past year, we have seen an increase in customers going for geothermal energy as part of their sustainability plans. Most of these companies are local and international companies who are working to reduce their carbon footprint. We are delighted that we are able to help them in attaining their sustainability goals,” said Bailon.
Energy Secretary Alfonso G. Cusi earlier stressed the need to maximize geothermal and hydro energy utilization, as these are reliable baseload power sources, crucial for the country’s commercial and industrial needs.
“A few days ago, I have asked my team to prepare a formal DOE order on initiatives and guidelines that would promote geothermal energy. And as soon as it is on my desk, I will sign the order right away,” said Cusi.
Cusi directed his team to prepare a formal directive that would contain initiatives and guidelines on how to promote geothermal energy development and increase its utilization, as said resource is indigenous to the country.
He also wants the country to reclaim its status as the world’s second largest geothermal producer. After many years of placing second in the world ranking, the Philippines now ranks third after Indonesia. The United States occupies the top post.
