| (The Philippine Star) Updated September 27, 2010 12:00 AM |
MANILA, Philippines - More investments are coming into the country’s energy sector, according to Energy Secretary Jose Rene Almendras.
Almendras is part of the delegation that joined President Aquino to his US visit.
The energy chief confirmed that President Aquino was able to convince some US investors to invest into the country’s power sector.
While declining to give details on the said new energy investments from the US, Almendras said, “Yes, there are energy deals but President (Aquino) will make the announcements.”
The Aquino administration has recognized the importance of generating more capacities in the near term particularly for Mindanao.
According to a data from the Department of Energy (DOE), the Philippines needs around 16,550 megawatts (MW) of additional capacity by 2030. For Luzon grid alone, 11,900 MW additional capacity would have to be built to meet the growing demand in the next two decades.
With an estimated $1.5 million per MW, the Philippines would need about $25 billion from 2010 to 2030.
Since he took over the DOE, Almendras had recognized the need to raise more capital for the energy sector.
In his previous speeches, the DOE chief said he won’t be shy to “beg” for investments.
Recently, in a speech before Visayas stakeholders, Almendras said he had been talking with various multilateral and commercial lenders for the much-needed financial requirement to boost investments in the energy sector particularly in the promotion of renewable energy projects.
Almendras also said that he supports any move to put up baseload facilities in Mindanao.
In a statement issued while he was in the US, the energy secretary said he continuously coordinate with representatives from its DOE attached agencies, namely: National Power Corp. (Napocor), National Transmission Corp. (TransCo), National Electrification Administration (NEA), together with concessionaire National Grid Corp. of the Philippines (NGCP) in addressing Mindanao’s power concerns.
“We had an emergency meeting to discuss the current power situation as well as make preparations for the power requirements in the last quarter of the year in Mindanao. Details of proposed solutions are currently being studied due to legal and technical aspects,” Almendras said.
Almendras is part of the delegation that joined President Aquino to his US visit.
The energy chief confirmed that President Aquino was able to convince some US investors to invest into the country’s power sector.
While declining to give details on the said new energy investments from the US, Almendras said, “Yes, there are energy deals but President (Aquino) will make the announcements.”
The Aquino administration has recognized the importance of generating more capacities in the near term particularly for Mindanao.
According to a data from the Department of Energy (DOE), the Philippines needs around 16,550 megawatts (MW) of additional capacity by 2030. For Luzon grid alone, 11,900 MW additional capacity would have to be built to meet the growing demand in the next two decades.
With an estimated $1.5 million per MW, the Philippines would need about $25 billion from 2010 to 2030.
Since he took over the DOE, Almendras had recognized the need to raise more capital for the energy sector.
In his previous speeches, the DOE chief said he won’t be shy to “beg” for investments.
Recently, in a speech before Visayas stakeholders, Almendras said he had been talking with various multilateral and commercial lenders for the much-needed financial requirement to boost investments in the energy sector particularly in the promotion of renewable energy projects.
Almendras also said that he supports any move to put up baseload facilities in Mindanao.
In a statement issued while he was in the US, the energy secretary said he continuously coordinate with representatives from its DOE attached agencies, namely: National Power Corp. (Napocor), National Transmission Corp. (TransCo), National Electrification Administration (NEA), together with concessionaire National Grid Corp. of the Philippines (NGCP) in addressing Mindanao’s power concerns.
“We had an emergency meeting to discuss the current power situation as well as make preparations for the power requirements in the last quarter of the year in Mindanao. Details of proposed solutions are currently being studied due to legal and technical aspects,” Almendras said.
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