MANILA – The third round of the Green Energy Auction (GEA-3) has seen a robust response from renewable energy developers, with bids exceeding the Department of Energy’s (DOE) target of 4,650 megawatts (MW). The DOE announced that the auction attracted 14 projects, totaling a tendered capacity of 7,530.89 MW, scheduled for delivery between 2025 and 2035. This surge in bids is a significant boost to President Ferdinand Marcos Jr.’s energy agenda, aimed at accelerating the shift to renewable energy and enhancing energy security and reliability. The Green Energy Auction Program (GEAP) is designed to expand the renewable energy capacity in the Philippines, with goals to increase the renewable energy share in the power generation mix to 35% by 2030 and 50% by 2040. The GEA-3 specifically targets renewable energy technologies that do not qualify for feed-in tariffs, including pumped-storage hydropower (PSH), impounding hydropower, and geothermal energy. Bids for PSH technology alone reached 6,950 MW, surpassing the target of 4,250 MW, and will be utilized in the Luzon and Visayas grids. PSH is valued for its ability to store energy and support the integration of variable renewable energy sources like solar and wind, while also providing grid stability. Currently, the only operational PSH facility in the country is the government-owned Kalayaan 1 and 2 in Laguna, with a capacity of 300 MW. Bids for impounding hydropower exceeded the target of 300 MW, reaching 550 MW, to be distributed across the Luzon, Visayas, and Mindanao grids. Conversely, bids for geothermal technology fell short at 30.89 MW against a target of 100 MW, also intended for the same regions. The DOE will reveal the winning bids after the Energy Regulatory Commission completes its review of the price offers. The Certificate of Award will be issued to the winning bidders upon submission of all required post-auction documents, as outlined in the auction’s terms of reference.
Renewable Energy Bids Surpass Goals in Third Green Energy Auction
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