The Department of Energy (DOE) has awarded 6,680.887 MW of renewable energy capacity under the third Green Energy Auction (GEA 3), based on a 9 June 2025 filing disclosed Tuesday. Seven developers submitted 12 winning bids under the program, which offers fixed-rate incentives to developers bidding below the Energy Regulatory Commission’s (ERC) reserve price.
Among the standout bids, Coheco Badeo Corp. submitted the lowest offer at P2.5787/kWh for its 500 MW Kibungan Pumped-Storage Hydropower (PSH) project in Benguet, under delivery years 2028–2030. This sets a competitive benchmark for large-scale PSH pricing.
Pan Pacific Renewable Power Philippines Corp. secured a significant share with multiple awards, including 300 MW in impounding hydropower projects under Gened Hydropower in Apayao, priced at P4.5 and P4.75/kWh, and a 2,000 MW PSH bid for 2031–2032 at P3.5/kWh.
San Roque Hydropower Inc. also emerged prominently, securing three PSH projects totaling 1,850 MW, with rates ranging from P3.25 to P3.7319/kWh.
On the geothermal front, Energy Development Corp. and Bac-Man Geothermal Inc. submitted bids totaling over 30 MW, with rates between P5.1 and P7.6/kWh, indicating a premium over hydropower-based offerings.
DOE emphasized that all awards remain contingent on post-auction compliance, requiring formal acceptance and documentation within 15 days. The results mark a significant milestone in the Philippines’ push for renewable energy expansion through competitive procurement.
