The P630 billion power generation market is forecast to require investments of some P7.6 trillion by 2040 to meet the country’s growing requirements, according to the Energy Regulatory Commission (ERC).
ERC chairperson Monalisa Dimalanta said at last week’s energy forum the projection is a conservative number as the Department of Energy (DOE) is updating its data even as she speaks.
“If all the plans of the DOE materialize under the clean energy scenario, we are looking at a P7.6 trillion industry by 2040. We are looking at not just offshore wind but all technologies playing for us to realize this P7.6 trillion investment,” Dimalanta said.
The ERC added that as of September 2023, the local energy sector is composed of 231 generation companies and 600 power plants with a total capacity of 28,496.82 megawatts (MW).
The regulator also said that at the moment, the Philippines has 21,027 circuit kilometers of transmission lines and 48,081 megavolt amperes substation capacity alongside 449 wholesale electricity spot market participants.
The ERC said the Philippines has thus far 131 distribution utilities and electric cooperatives worth an aggregate P160.4 billion as well as 123 retail electricity suppliers offering as much as 4,118.4 MW of capacity.
“We have around 300 personnel in the commission who are regular or plantilla, augmented by around 200 contractual personnel, but all 500 plus five of us commissioners, look after this P630 billion industry,” Dimalanta said.
The ERC serves as regulatory body promulgating rules, regulations, guidelines and policies that affect the cost of electricity in the country.
It also enforces rules and regulations, including the issuance of permits and licenses as well as resolve cases and disputes among market players.
