MANILA – Winning bidders in the Department of Energy’s (DOE) second round of bidding for renewable energy capacities have until October 10 to comply with post-auction requirements, with the deadline extended by month due to recent work suspensions caused by typhoons. .
In an advisory, the DOE warned winners of the second Green Energy Auction Program (GEA-2) that failure to submit the requirements could result in their disqualification.
According to the agency, companies are required to submit a performance bond and an affidavit of commitment to deliver committed capacities.
During this time, the DOE will verify whether the relevant bid is already covered by a renewable energy contract.
If a bid is not yet covered at the time of submission of requirements, the successful bidder will also be required to submit proof of contract acquisition before DOE issues a certificate of award.
A total of 105 winning bids were declared during the GEA-2 conducted on July 3, with companies committing to supply 3,580.76 megawatts (MW) of renewable energy capacity over the next three years.
This represents only a third of the 11,600 MW auctioned by the DOE, leaving about 8,000 MW still unsubscribed.
GEA-2 is crucial to achieving the government’s goal of reducing carbon dioxide emissions and increasing the share of renewable energy in the country’s energy mix from the current 22% to 35% by 2030 and 50% d by 2040.
The Energy Regulatory Commission (ERC) previously said it would review the price caps it had imposed for the program because the private sector considered them “too low” and thus discouraged companies from participating in the auctions. INQ
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