Cusi courts ASEAN investors for power infra

Published April 30, 2017, 10:01 PM By Myrna M. Velasco

http://business.mb.com.ph/2017/04/30/cusi-courts-asean-investors-for-power-infra/

The energy sector of the Philippines will be in need of massive power infrastructure investments – and this is the pitch that Energy Secretary Alfonso G. Cusi had set for investors in neighboring Southeast Asian region.

The energy chief primarily courted businessmen in the Association of Southeast Asian Nations (ASEAN) on capital flow for power facilities and other energy investments that the Philippines would be requiring now and in the future.

For greenfield power projects alone, Cusi has been reiterating the country’s need for capacity additions of 6,000 to 7,000 megawatts for the duration of the Duterte administration.

And onward to 2030, that has to be ramped up to 30,000MW to fully underpin the envisioned path to industrialization of the growing economy.

Cusi pleaded “we’re inviting energy investors from ASEAN,” noting that the country’s hosting of this year’s ASEAN Leaders Summit “is an opportunity for us to drum up to our neighbors that there is development happening in the Philippines that they can participate in.”

Linked to the country’s need for additional power would be integrated infrastructure such as a liquefied natural gas (LNG) facility, to serve as alternative when its commercial gas field would be depleted.

Notably, the Philippines is pursuing the energy infrastructure development terrain almost parallel to its neighbors in the region – and such could then enable synergies in project investment plans and capital infusion on energy projects.

Cusi fundamentally asserted “the potential business opportunity in energy (as) a result of the government’s ambitious infrastructure program,” anchored on the government’s “Build, build, build” paradigm.

He stressed “we’re going to build the energy supply for the infrastructure,” emphasizing that “from 2016 to 2030, 17,300 megawatts would be needed to support the Ambisyon 2040 development plan of the government for the Philippines.”

The energy chief further said “an additional power of 26,000MW from 2030 to 2040 or a total of 43,000MW from 2016 to 2040 is needed to support the infrastructure builds of the government.”

Cusi stressed “the investment opportunity is open for all,” noting that when it comes to technology preference, the energy department is re-asserting its development landscape of “no cap and no quota” on any of the energy technologies.