Philippines in need for energy investment

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Hydroelectric power plant in Isabela province in Luzon, Philippines

With a projected economic growth of seven per cent annually in average over the coming years, the Philippines are in urgent need to increase power generation to supply the growing industries in the country as well as the population in less developed areas.

According to the country’s energy secretary Carlos Jericho Petilla, the Philippines need an additional capacity of 11,400 megawatts at the end of its 2012-2030 planning cycle based on the government’s Power Development Plan.

This makes $32.5 billion in investments necessary for power generation and natural gas projects that aim to make the country energy sufficient by 2030, Petilla said.

Based on the development plan, the investment would be used for various energy projects until 2030, including downstream natural gas supply, alternative fuels, renewable energy projects, power generation projects and upstream resource development.

“These are all private-sector initiated projects,” Petilla said.

The country’s energy sector is indeed in dire need for improvement. For example, electricity-starved Mindanao has been reeling from year-round rotating blackouts due to lower output of hydro power projects and the shutdown of key power plants.

Still, electricity rates in the country, particularly in the capital region, are the second highest in Asia next only to Japan largely due to the high cost of power generation.

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Reading Time: 1 minute

Hydroelectric power plant in Isabela province in Luzon, Philippines

With a projected economic growth of seven per cent annually in average over the coming years, the Philippines are in urgent need to increase power generation to supply the growing industries in the country as well as the population in less developed areas.

Reading Time: 1 minute

Hydroelectric power plant in Isabela province in Luzon, Philippines

With a projected economic growth of seven per cent annually in average over the coming years, the Philippines are in urgent need to increase power generation to supply the growing industries in the country as well as the population in less developed areas.

According to the country’s energy secretary Carlos Jericho Petilla, the Philippines need an additional capacity of 11,400 megawatts at the end of its 2012-2030 planning cycle based on the government’s Power Development Plan.

This makes $32.5 billion in investments necessary for power generation and natural gas projects that aim to make the country energy sufficient by 2030, Petilla said.

Based on the development plan, the investment would be used for various energy projects until 2030, including downstream natural gas supply, alternative fuels, renewable energy projects, power generation projects and upstream resource development.

“These are all private-sector initiated projects,” Petilla said.

The country’s energy sector is indeed in dire need for improvement. For example, electricity-starved Mindanao has been reeling from year-round rotating blackouts due to lower output of hydro power projects and the shutdown of key power plants.

Still, electricity rates in the country, particularly in the capital region, are the second highest in Asia next only to Japan largely due to the high cost of power generation.

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