Winning GEA-3 bidders to be revealed next week

WINNING BIDDERS of the third round of green energy auction (GEA-3), which attracted over 7,500 megawatts (MW) worth of bids, are set to be announced next week, the Department of Energy (DoE) said.

“Hopefully, by Monday,” Energy Secretary Rowena Cristina L. Guevara said on the sidelines of the ADB Asia Clean Energy Forum on Tuesday.

Ms. Guevara did not disclose the number of winning bidders.

In February, the DoE announced that GEA-3 exceeded the auction goal of 4,650 MW after receiving offers totaling 6,950 MW for pumped storage hydropower projects and 550 MW for impounding hydro projects.

Meanwhile, geothermal attracted bids for 30.887 MW, well below the 100 MW target.

Overall, the auction round received offers for 14 projects, with delivery periods of between 2025 and 2035.

The GEA program promotes renewable energy (RE) as a primary source of energy, with bidders undergoing competitive selection. The government is hoping to increase the share of RE in the power mix to 35% by 2030 and to 50% by 2040.

“The GEA underscores the department’s commitment to creating a fair and competitive environment for RE development, ensuring transparency, innovation, and deployment of cost-effective RE technologies across the country,” the DoE said.

This year, the government is staging two more auctions focusing on integrated renewable energy and energy storage systems and offshore wind power. — Sheldeen Joy Talavera