Renewable energy to grow 11.2% a year
Source：inquirer.net
From：Taiwan Trade Center, Manila
Update Time：2019/08/30
Power generation capacity in the Philippines based on renewable sources other than hydro is expected to see a double-digit annual growth over the next 12 years, due to the continued growth in the economy and the population.
The London-based firm said investments in renewables were being driven by rising electricity consumption, which is expected at 6.5 percent CAGR to reach 173,000 gigawatt-hours in 2030 from 81,7000 gWh in 2018.
“Growing population is driving electricity consumption in the Philippines,” said Harshavardhan Reddy Nagatham, power industry analyst at GlobalData. “As a result, new investment in capacity addition is urgently needed.”
Nagatham said investments were being given a boost by the government’s drive to reduce its dependence on imported fossil fuel as well as to promote the development of renewable power capacity, particularly solar through the net metering scheme.
Net metering gives incentive to owners of rooftop solar installations with credit for power generated in excess of what they need, which is then delivered to the grid and which they can use to offset future electricity consumption.
“Net metering currently has low adoption in the Philippines, but can play a major role in increasing renewable power capacity in the country and in helping with the supply security,” Nagatham said.
GlobalData estimated that the share of solar and onshore wind power in the country’s power-generation mix would increase to 13 percent and 4.6 percent of total installed capacity in 2030, respectively, from 4.3 percent and 1.8 percent in 2018.
Source：https://business.inquirer.net/271364/renewable-energy-to-grow-11-2-a-year