If there is one good news worth noting in the energy
sector, it is the continuing investments going to renewable energy. Renewable
energy is energy coming from sources that are naturally replenished such as biomass,
solar, wind, geothermal, ocean and hydroelectric. The rising oil prices in the
world market coupled with the increasing concern over climate change has pushed
legislators to act on the need to promote renewable energy as an alternative
source. In 2008, the Philippines passed the Renewable Energy Act aimed to
accelerate the development of these alternative energy resources in order to
reduce the country’s dependence on foreign oil which can minimize exposure to oil
price fluctuations aggravating every sector of the economy. This piece of
legislation has been hailed as the first and most comprehensive in Asia. The
inflow of investments demonstrate just how it achieves the goals it has set out
to do.
Investments Flowing In
Ayala Corporation has just announced its commitment to build
1000 megawatts (MW) of hydroelectric power projects in the next five years. Its
electronics manufacturing arm, the Integrated Micro-Electronics, Inc. has also
planned on expanding its renewable energy business with the mass production of
solar panels starting this year. Moreover, First Metro and Global Power of the
Metrobank group have just signed an agreement to develop renewable energy
projects in the Philippines. Also, A
UK-based company, Global Green Power Corp with its local subsidiary, has
infused a total of 5.6 billion pesos to build three 15 MW biomass power plants
in Panay, Nueva Ecija and Pangasinan expected to be online this year.
Aiming for the Stars
With all these investments and all the other
projects now under way, it is hoped that the country will achieve 40% of
installed capacity from renewable energy sources by 2013 by doubling the total
capacity from 4449 MW in 2003 to 9174 MW from these sources. The government
also aims to be the top geothermal energy producer from currently being second
only to the US in terms of installed capacity. This can be done by adding
another 1200 MW capacity from geothermal energy sources. The aggressive goals
are necessary and are the right approach to make the country responsive to the
needs of its people in terms of energy. Not only will this provide the basic
need for electricty to all but renewable energy projects will also address the
growing concern over the impact of conventional energy sources on climate
change. On top of that, renewable energy utilization will shield the power industry
from the price fluctuation of oil which has proven to be detrimental to the
economy as a whole.
2 comments:
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