(Source: www.renewableenergydev.com)

A recent announcement by the Philippines government has opened the way for the country’s renewable energy capacity to double over the next 10 years. The critical factor is that the government approved rules covering the implementation of the Renewable Energy Act.

It is intended that 9,000 MW of power will be produced in the Philippines which is twice the current levels.

The country is estimated to produce some 4,531 mWs from geothermal energy; 13,097 MW from hydropower, 5.1 kilowatt hours per square meter a day from solar, 76,600 MW from wind, and 170,000 MW from oceanic waves.

It is estimated that the cost of a renewable energy development project will run to about $1 to $2 million per megawatt.

There have been letters of interest lodged from 15 local and foreign-linked companies to develop projects, most of them involving wind, hydro and biomass.

Electricity generated from renewable sources such as hydro and geothermal power comprise 33 percent of the Philippines’ current power mix, and the government has said it hopes to increase that to 40 percent in a decade.

Companies such as First Gen Corp, Aboitiz Power Corp, Energy Development Corporation, Oriental Energy, Green Power Philippines and Deep Ocean Philippines, said Marasigan, adding that state-run PNOC-Renewables Corp would take the lead in tapping renewable energy sources.