The Department of Energy (DOE) has initiated a range of policies designed to hasten the nation’s transition towards renewable energy sources.
Earlier this month, when addressing industry stakeholders, Energy Undersecretary Rowena Cristina Guevara highlighted the administration’s dedication to progressing towards a sustainable energy transformation.
She highlighted significant milestones such as the complete launch of the renewable energy market (REM) for commercial activities, enabling required entities to meet their commitments under renewable portfolio standards.
Guevara additionally pointed out the growing rollout of the Green Energy Option Program and emphasized the success of the Green Energy Auction Program, which has reportedly locked down around 5,000 megawatts of committed capacity after the initial auction took place in June 2022.
Other projects aimed at bolstering the nation’s energy objectives are also being planned. Among these are the introduction of a capacity market scheduled for release next month, along with efforts to formulate regulations for carbon credits and a futures trading system.
Although the optional REM is presently being assessed, Guevara mentioned that the upcoming initiatives signify the subsequent phase of advancement within the industry.
She added, ‘We are equally dedicated to ensuring that our customers see electricity as an affordable option.’
“I am dedicated to embracing technological progress and promoting partnerships as means to revolutionize our energy sources through renewable options and unleash the complete potential of the Philippine energy market. With your support, we can make this happen,” Guevara stated to industry leaders.