THE Department of Energy (DOE) is pushing for a pricing system for renewable energy (RE) to further boost investment interest in the sector.
Energy Undersecretary Felix William Fuentebella said the government’s Green Energy Pricing Program (Gepp) aims to establish “stable pricing” in the RE sector so that investors would be encouraged to generate more green power.
He said the pricing system is necessary to push investors to develop indigenous power sources.
Under the program, the DOE is planning to set a ceiling price for RE players to attract investors and promote competition in the industry.
“This will help expedite the development of renewable energy in the country,” Fuentebella said in an interview Wednesday, Nov. 13, 2019, at the public consultation on the draft circular of the Gepp at Bai Hotel in Mandaue City.
He said the agency is expected to release the final rules and guidelines for the Gepp by the end of this year after all consultations are done nationwide.
Fuentebella explained the “green pricing” will support renewable generators to secure power supply agreements and sell their energy by setting a baseline price.
Having such system will also encourage competition in the RE sector.
He said developing further the RE industry is especially vital for Visayas, whose energy needs mostly come from green sources.
Among the three main regions in the country, he said Visayas houses more renewable energy projects, including solar, biomass, hydro, geothermal and wind.
The energy department has been pushing for increased investment in RE as it aims to ensure long-term energy security.
The Philippine is shifting to the development of more renewable energy sources to reduce its dependence on fossil fuels.