Connect with us

Hi, what are you looking for?

Economy

Regulator says power distributors need to tap more renewable energy to meet 2040 target

AN ENERGY regulator said distribution utilities need to tap more power from renewable sources if the Philippines is to meet the projected goal of a 55.8% share of renewable energy (RE) in the power mix by 2040.

They said the 1% renewable quota set for the renewable portfolio standards (RPS) program must be increased to at least 2.52%, a National Renewable Energy Board (NREB) official.

The DoE is targeting an RE share in the power mix of 37.3% by 2030 and 55.8% by 2040 in its draft National Renewable Energy Program (NREP).

On Tuesday, NREB Chairperson Monalisa C. Dimalanta said that the DoE held a public consultation last week on the draft of the 2020-2040 National Renewable Energy Program.

“We reached the same conclusion. We will not realize the target RE share by 2030 if we were to retain the RPS level at the current 1%. This level will need to be increased to at least 2.52(%) by 2023 if we are to have a fighting chance to reverse the decline in trajectory (of renewables adoption) over the last 10 years,” Ms. Dimalanta said during the 2nd LNG & Clean Energy Investment virtual summit.

The RPS program requires distribution utilities to tap eligible RE facilities for a portion of their supply needs.

At the consultation, Ms. Dimalanta said that the DoE and NREB presented their projections for RPS quotas of 1%, 2.52%, 2.92% as well as a no-RPS scenario over a 10 and 20-year period.

“In both models, it is only by increasing the RPS levels to more than 2.5% starting 2023 that we can ensure a steady increase in RE share in the system, reverting to its 2008 level of 34% by 2030 and increasingly dominating the mix by 2040 with more than 55% share,” Ms. Dimalanta said.

She added that the NREB also sees the need for three types of programs — mandatory, voluntary, and “transition enablers” — which can help address the country’s so-called “energy trilemma.” The trilemma requires the industry to confront the need for energy affordability and access, energy security, and environmental sustainability.

Mandatory programs include RPS and green energy auction. The voluntary programs include the net-metering program and the green energy option program. Transition enablers involve grid and off-grid solutions.

“The task at hand is beyond what a single agency or group can do. It requires all hands to be on deck and all eyes focused on a shared vision for an energy-secure and sustainable future,” she said. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

The UK government will invest £100m in Britishvolt as the car battery manufacturing startup seeks to build Britain’s first large-scale “gigafactory” in the north-east...

Investing

Bankers and accountants are among those being summoned back to their offices after the government scrapped its work-from-home guidance in England with immediate effect....

Investing

The kitchens of Michelin-starred restaurants too often descend into alternative “moral universes” where bullies and bad behaviour thrive, a study has suggested. While Gordon...

Investing

A company controlled by the Duke of York and used to manage his investments is more than £200,000 in debt, according to newly filed...

Investing

Rogue waste collectors who fly-tip household rubbish will be targeted under a government crackdown. Fly-tipping increased sharply last year to 1.1 million cases in...

Investing

Peloton Interactive lost more than 25 per cent of its value on Wall Street at one point last night after the exercise bike maker...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.