THE PHILIPPINES will require investment of P5.76 trillion to expand the power supply and allow renewables to make up a larger part of the power mix by 2040, according to the Department of Energy (DoE).
Most of the investment should go to renewable energy (RE) generating facilities, the department said in its latest Philippine Energy Plan (PEP) posted on its website.
The updated plan, which covers the years 2020 to 2040, said the total investment cost will help the Philippines reach its targets under the “clean energy scenario” (CES).
“The CES, being the scenario pursued, indicates the entry of more RE-based technologies with a total capacity addition of 92.3 GW by 2040… The estimated financing requirement is seen (at) P5,762.6 billion,” the DoE said.
Under the CES, the country is expected to achieve a 35% RE share in the power generation mix by 2030 and a 50% share by 2040.
Pursuing the CES will help the country achieve a sustainable power supply over the long term.
According to the PEP, new generating facilities will require the development of new transmission projects which will require investment of at least P348 billion over the next 10 years.
The Energy department said that its latest PEP is the second comprehensive energy blueprint which is compliant with the government’s long-term plan, known as the “Ambisyon Natin 2040.”
“This updated plan, like its predecessor (the 2018-2040 PEP), reiterates the energy sector’s goal to chart a transformative direction towards attaining a clean energy future,” it said. — Angelica Y. Yang