DOE to auction new renewable energy contracts
At least 100 megawatts (MW) of renewable energy capacity will be available for service contract auction, according to the Department of Energy (DOE).
Based on the DOE’s draft terms of reference, it has identified hydropower, geothermal power and wind energy resources with “sufficient technical data for promotion and further development.”
Seven hydropower projects with a combined potential capacity of 37.4 MW were listed under the fifth open and competitive selection process (OCSP).
Two planned geothermal power developments were also included in the auction, with the government expecting to see 68 MW.
Two additional wind projects are in the pipeline. Their potential power generation capacities, however, are yet to be determined.
The predetermined areas, the DOE noted, are not open for direct application for renewable energy contracts.
The government has been launching several initiatives to attract more investments in the renewable energy market. One of them is the OCSP, allowing qualified producers to acquire rights to develop predetermined renewable energy sites.
Another initiative is the green energy auction program, where winning industry players will be awarded with incentivized fixed power rates.
The DOE recently launched the fourth round of the GEA, attracting 9,423.622 MW of renewable energy capacity.
To get more funds for the local renewable sector, the government is already preparing to join the growing carbon credit market. Carbon credits are tapped to offset a country or an organization’s emissions. The funds can then be used to support climate projects.
