The Department of Energy (DOE) announced that the third Green Energy Auction (GEA-3) has garnered over 7,500 megawatts (MW) in bids from renewable energy developers, significantly surpassing the initial installation target of 4,650 MW.
The auction received a total of 14 project proposals, with delivery timelines spanning from 2025 to 2035.
Notably, there was substantial interest in hydropower and geothermal projects, aligning with the government’s strategy to diversify the energy mix.
The DOE highlighted that pumped-storage hydropower (PSH) projects were particularly prominent, with combined offers of 6,700 MW in Luzon alone, exceeding the 4,000 MW target for the region.
In the Visayas, PSH projects met the 250 MW target, underscoring the critical role of energy storage in stabilizing the grid.
Currently, the Philippines operates a single PSH facility—the government-owned Kalayaan 1 and 2 plants in Laguna, with a combined capacity of over 300 MW.
The Green Energy Auction Program is designed to facilitate and expedite investments in renewable energy by providing a transparent and competitive platform for developers.
The DOE plans to publish the final list of winning bidders on its website following the Energy Regulatory Commission’s review of the price offers.
Certificates of Award will be issued to successful bidders upon submission of the required post-auction documents, as outlined in the auction’s Terms of Reference.
This development aligns with the Philippines’ goal to increase the share of renewable energy in its power generation mix to 35% by 2030 and 50% by 2040.
With continued private sector participation and government support, the country is on track to secure a sustainable, reliable, and cost-effective energy future.