The second Green Energy Auction (GEA-2) attracted bidders proposing to generate 3,440.76 megawatts of renewable energy, significantly lower than the 3,580.76 MG the Department of Energy (DOE) anticipated.
The agency traced the shortfall to a strict vetting process that nevertheless resulted to the award of a total 105 projects.
Under GEA, renewable energy producers compete for incentivized fixed power rates by offering prices that are lower than or equal to prices set by the Energy Regulatory Commission.
“The 3,580.76 MW was the results of the auction proper based on the bids sent on during the auction day but since the bids were further evaluated by the technical working group, bid bonds of three potential winning bidders were not accepted for failure to comply with the TOR (terms of reference), hence the 3,440.756 MW,” the DOE said.
Terms require bidders to post a minimum bond of P1 million per MW. Winning bids are required to submit post-auction documents within 60 days from the date of of award or until September 10 and non-compliance result in the cancellation of award and forfeiture of the bid bond.
The DOE also set a post-auction meeting with the 379 GEA-2 registered participants scheduled for next week.
The 3,440.756 MW of capacity is set for development and installation from 2024 to 2026 with more than half of it are ground-mounted solar totaling 1,878.98 MW while 9.39 MW, 90 MW and 1,462.38 MW are rooftop solar, floating solar, and onshore wind, respectively.
Of the 105 projects awarded under GEA-2, the largest is the 274.74 MW Bugallon solar project of Ixus Solar Energy Corp. in Luzon.
