The third round of the Green Energy Auction (GEA-3) has far surpassed its installation target, with the Department of Energy (DOE) reporting a total of 7,530.887 megawatts (MW) in offered capacity, exceeding the target of only 4,650 MW. This development underscores the growing economic importance of renewable energy in the country as developers and energy producers continue to increase their commitment to clean energy.
The DOE’s latest auction drew bids from 14 projects across technologies such as impounding hydro, pumped-storage hydro (PSH), and geothermal energy, with planned delivery periods ranging from 2025 to 2035. The projects play a key role in addressing the country’s growing energy demand while reducing reliance on fossil fuels.
Notably, the PSH projects showed particularly strong participation, with Lot 1 in Luzon offering 2,500 MW—500 MW above its 2,000 MW target—and Lot 2 offering 4,200 MW, more than double its target. Similarly, impounding hydro projects across Luzon, Visayas, and Mindanao offered 550 MW, surpassing the original 300 MW target.
However, the geothermal sector did not fare as well, with only 30.887 MW offered against an installation target of 100 MW, revealing an area where further investment and development may be needed.
Though 21 projects initially showed interest in GEA-3, only 14 made offers, with the others withdrawing or failing to meet qualifications. The DOE has not yet disclosed the identities of the projects, as the auction process remains ongoing. Once the Energy Regulatory Commission (ERC) completes its review of the price offers, the list of winning bidders will be published.
The results of GEA-3 emphasize the growing role of renewable energy in the nation’s economic landscape, providing more opportunities for sustainable power generation and potential cost savings. It also demonstrates a competitive market where developers are incentivized to offer the most affordable and innovative solutions, ensuring that the Philippines is on track to meet its energy and environmental goals.
