Energy projects in the pipeline will help the country in addressing high power costs.
During the Laging Handa public briefing, Department of Energy (DOE) Undersecretary Felix William Fuentebella said almost 57 percent of the country’s power relies on imported oil and coal, which makes the electricity prices vulnerable to volatile prices in the global market.
“In the long term, we will have a transition to develop our own energy sources. These are the indigenous and renewable sources,” he said in mixed English and Filipino.
Fuentebella said the Marcos administration focuses on the development of renewable energy sources such as biomass, geothermal, solar, hydro, ocean and wind.
Renewable energy currently shares around 23 percent of the country’s energy mix.
“We will increase that to 35 percent by 2030 and by 50 percent by 2040,” he said.
He added the administration is pushing for policy reforms that will make the Philippines more attractive to investors in the renewable energy sector.
During the first six months in office of President Ferdinand R. Marcos Jr., his administration resolved that 100 percent ownership in renewable energy projects is allowed in the country.
The administration is also luring investments in offshore wind energy projects, which are expected to ramp up the country’s power supply.
“So, this is what the Department of Energy is addressing —how to fast-track the permitting system so we can build these new technologies,” Fuentebella said.
CURRENTPH NEWS SERVICE